NDB Bank partners with TradeCard

Deal to provide robust trade financing services

TradeCard Inc., the leading provider of extended supply chain solutions, today announced a partnership deal to add NDB Bank to its global network of more than 3,000 buyers, suppliers and service providers.

The partnership enables NDB Bank to leverage the TradeCard Platform to provide import and export financing services, reduce transaction costs and improve transaction visibility.

“Partnering with TradeCard enables us to electronically deliver more trade financing options to our customers in Sri Lanka while opening the door to serve thousands of buyers and suppliers on the TradeCard network,” said Nihal Welikala Chief Executive Officer NDB Bank.

TradeCard enables sellers to request financing online and allows the financing bank to view transaction documentation electronically to improve speed and efficiency in the financing process.

“The TradeCard Platform provides NDB Bank with a competitive advantage over other banks in the market,” said Kurt Cavano, CEO of TradeCard, Inc. “NDB Bank will be inserted into our smart network, enabling it to directly access more than 3,000 buyers and suppliers on the TradeCard Platform to cross sell more of its traditional products and interface with more parties involved in transactions. Our hosted platform will reduce processing costs and provide online financial services to enable new financing opportunities for NDB Bank.”

TradeCard provides a rapidly deployed value network for the extended supply chain. Its services and global trading partners are delivered on a software-as-a-service supply chain platform that connects more than 3,000 buyers, suppliers and service providers. TradeCard helps clients that range from $10 million to over $20 billion in revenue to transform the supply chain into a value chain by eliminating waste and delay from the sourcing process.

“NDB Bank is partnering many businesses operating in Sri Lanka in providing end-to-end financial solutions. We work closely with our clients to improve operations by providing them with advice and financial support to reach desired heights in business. We have recognized the Apparel sector as one of the most important contributors to the Sri Lankan economy and have taken a strategic decision to support this sector. This partnership with TradeCard will further enhance our commitment to this sector and believe would turnout to be a win-win solution to NDB Bank, TradeCard and the Apparel manufacturers” said Raj Aboobucker, Vice President Emerging Corporates.

TradeCard, Inc. is the leading provider of on-demand supply chain management solutions. The TradeCard Platform synchronizes financial transactions with physical events in the global supply chain to help customers automate trade transactions from purchase order to payment and chargebacks. Buyers, sellers and their trading partners manage transactions through a web-based platform with online financial services integrated into the workflow. This turnkey transaction management enables customers to improve margins and enhance growth, with extra-organizational supply chain visibility. TradeCard’s on-the-ground trade experts throughout the world assure superior supply chain agility.

TradeCard manages global trade for thousands of users in over 40 countries, including Columbia Sportswear, Rite Aid and Wolverine Worldwide. TradeCard Inc. is headquartered in New York City and has offices in San Francisco, Hong Kong, Brussels, Taipei, Seoul, Colombo, and Shenzhen. TradeCard is located online at www.tradecard.com.

NDB Bank is the fifth largest private sector commercial bank in the country, with a strong capital base and profitability, a fast growing loan and deposit book, and a diverse and rapidly expanding distribution channels. It is rated AA (Sri Lanka), by Fitch Ratings Agency.

NDB Bank has the strength and the diversity of resources to offer its customers a very wide-ranging portfolio of financial solutions including retail banking, treasury, cash management services, trade finance operations and advisory, funding for structured and corporate finance deals, correspondent banking together with SME financing and project financing through a rapidly expanding branch network, which consists of 40 branches currently.