TRADEPAQ Corp., a provider of e-business infrastructure solutions for global trade, announced its partnership with CNA’s marine division, one of the largest providers of marine cargo insurance, that will enable customers to complete trade transactions for ocean shipping faster and more reliably.
Generally, when exporters contract for maritime insurance, they do it on a per transaction basis or as a blanket coverage not to exceed a certain amount. On a per transaction basis, exporters will submit an insurance certificate application to the insurer for approval and then will forward it to the bank. On a blanket basis, they need to report their transactions to the insurer periodically. Both options are time consuming, error-prone and can require extensive administrative costs. It also involves risk since mistakes can cause uninsured goods to be shipped.
TRADEPAQ addresses this by offering an interface with its TRADEPAQ suite of trade logistics software solutions that will enable customers to connect directly to CNA’s OMMni (Ocean Marine Manager network interface) system. With this interface, exporters can automatically send XML-based messages, rather than cumbersome paper-based documents, directly to CNA. The insurer will then process the message and email back an approval number so exporters can print pre-approved insurance certificates directly from their TRADEPAQ system. These pre-approved certificates are a requirement for negotiating letters of credit with banks.
All of this can be done in a matter of minutes as opposed to traditionally waiting for an insurer’s approval from five to 10 days. TRADEPAQ’s system also reduces mistakes since it integrates directly with enterprise and transportation management systems so exporters are assured all of their ocean shipments are carrying the required insurance.
According to TRADEPAQ, its suite of trade logistics solutions and web-enabling software tools allows enterprises to access real-time information, web-enable legacy applications, manage the complex shipping requirements of electronic commerce, generate multi-lingual trade documents, and maintain compliance with international trade regulations. In addition, TRADEPAQ maintains it is the only supply chain solution provider to support the unique requirements of global e-business banking such as letter of credit creation, receipt, management, and collections. The Java-based software products integrate with the leading ERP solutions in the market and incorporate patented rules-based technology addressing the unique last-minute requirements of global trade.
TRADEPAQ solutions are used by B2B trading exchanges and Fortune 2000 manufacturers in industries such as paper, chemical, food products, metals, pharmaceutical, agricultural commodities, electronics, and automotive products in more than 24 countries worldwide. Headquartered in New York City, TRADEPAQ operates in offices throughout Europe, Pacific/Asia and South America. For more information on TRADEPAQ and its products, visit www.tradepaq.com.