NECX.com and eCredit.com Streamline Online Exchange Credit and Financing Process; Electronics Exchange's Customers Now Able to Quickly Secure Credit Line
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PEABODY, Mass. and DEDHAM, Mass.--(BUSINESS WIRE)--July 24,
2000--NECX.com LLC, a wholly-owned subsidiary of VerticalNet, Inc.
(NASDAQ:VERT), and eCredit.com announced today the NECX.com Global
Electronics Exchange(TM) now utilizes eCredit.com's online credit
decision capabilities. NECX.com, one of the world's largest
centralized market makers for semiconductors, electronic components,
computer products and networking equipment, is leveraging the
eCredit.com Global Financing Network(TM) to automate key credit
management procedures. The result will be a significantly streamlined
approval process for improved customer service and
time-to-transaction.
"In today's fast-paced electronics marketplace, our most valuable
resources are time and money. When faced with mission-critical
production deadlines and immediate procurement issues, every minute
counts," said Larry Marshall, president and CEO of NECX.com. "As the
Global Electronics Exchange moves online, it is increasingly important
for us to have a credit system that provides real-time qualification
information for purchasers so they can begin transacting as soon as
possible. Now, through our relationship with eCredit.com, customers
are qualified and trading on the Global Electronics Exchange in a
matter of minutes."
NECX.com's customer base of 20,000 OEMs, CEMs, distributors and
resellers and 8,500 vendors use the Global Electronics Exchange to
purchase and sell products across more than 180 product families and
17 different commodities. Before new users can transact on the
Exchange, they must submit an application for a credit line. Existing
customers can also apply for extended credit. Previously, these
requests were processed manually and could take from 3-5 business days
to complete. The eCredit.com Global Financing Network enables NECX.com
to assess the credit-worthiness of potential buyers, whether they
contact the company through traditional channels or on the web, and
determine, in real time, how much credit to extend.
Applications are automatically matched against a pre-determined
set of guidelines within the Global Financing Network and a response
is returned within minutes. In addition to reducing hundreds of man-
hours, eCredit.com enables NECX.com to provide enhanced customer
service, and users can more quickly take advantage of time-sensitive
purchases.
"The Global Electronics Exchange required a solution that would
streamline its credit approval process, but wouldn't compromise the
strict risk management standards set by 20 years of industry
experience," said Peter McKay, president of eCredit.com. "eCredit.com
is providing real-time credit decision capabilities that enable
NECX.com to improve its customer offerings. Through its relationship
with eCredit.com, NECX.com is taking a leadership role in providing
value-added services to the electronics marketplace."
The eCredit.com Global Financing Network connects buyers and
sellers in an online market with credit information and financing
sources to close transactions at Web speed, thereby reducing
transaction processing time from days to minutes. The network provides
online suppliers with electronic access to multiple financing vendors
with a range of credit risk profiles, helping increase approval rates
and revenue.
About eCredit.com
eCredit.com is a leading provider of credit, financing and
receivables management solutions for business-to-business and
business-to-consumer commerce. Its software solutions and services run
on the eCredit.com Global Financing Network, an Internet-based
platform that connects businesses to financing partners and global
information sources in real time at the point-of-sale. eCredit.com,
headquartered in Dedham, Mass., is a partner company of Internet
Capital Group. For additional information, visit eCredit.com on the
Web at www.ecredit.com.
The eCredit.com logo and eCredit.com Global Financing Network are
trademarks of eCredit.com.
About NECX.com LLC
NECX.com LLC (www.necx.com), a wholly-owned subsidiary of
VerticalNet, Inc., operates the Global Electronics Exchange, a leading
global business-to-business exchange for electronics hardware. The
Exchange provides a high degree of market liquidity by aggregating
supply and demand from thousands of component, original equipment and
contract manufacturers, as well as distributors and resellers. The
Exchange also provides comprehensive services such as procurement and
inventory management, trading, financial settlement, as well as global
logistics and quality assurance. NECX.com and its Global Electronics
Exchange are headquartered in Peabody, Mass., USA, and operates
domestic operations from Peabody, Mass., Asia-Pacific business from
Singapore and European operations from Galway, Ireland and Stockholm,
Sweden. |
