- OpenTrade is an internet based collaborative platform to streamline the financial supply chain.
- Open Trade provides the following:
- Document Management
- The Financial Supply Chain refers to the end-to-end trade processes and information that drive a company’s cash, accounts, and working capital. From a buyer’s perspective, this involves the full procurement-to-payment process. For the seller, it is the order-to-cash cycle. The financial supply chain, which drives financial settlement, takes over where the physical supply chain ends.
The objective of the Financial Supply Chain is to optimize:
- Accounts payable and receivable
- Cash management
- Working capital
- Transaction costs
The main advantage is To make the Bank, the most Valuable link in the Supply Chain, the Strongest link
How does OpenTrade Work?
- OpenTrade is based on BankTrade/TRADEPAQ’s EDM (Enterprise Document Management) Platform
- EDM provides a foundation for many solutions based upon its core components
- EDM is Java based platform using industry standards such as XML, XSL to deliver EAI, Workflow, Collaboration, Document Management, Compliance and Reconciliation
- OpenTrade links, gathers, distributes the information required for the transaction across the Trade Chain in the format/s required by each trading partner.
Banks and OpenTrade
Banks can play a more active role in the Financial Supply Chain by providing solutions that allow for:
- Reduction of the time required to create, transfer and process paper documentation
- Reduction of the cost and errors associated with manual creation and reconciliation of documentation
- Provide transparency in inventory and cash positions when goods are in the supply chain
- Reduce the number of disputes arising from inaccurate or missing data