TORONTO, June 12, 2012 /CNW/ - Accord Financial Ltd., a subsidiary of Accord Financial Corp. (TSX:ACD), is pleased to announce the launch of AccordOctet, a unique and innovative trade finance program that provides importers in Canada and the U.S. with interest-free, unsecured lines of credit that facilitate a rapid exchange of funds and goods with China.
"AccordOctet is designed to eliminate the challenges faced by North American importers who are frustrated by language barriers, financing setbacks, excessive paperwork, and Chinese suppliers who require guaranteed payment before going into production to fulfill their orders," says Simon Hitzig, president. "AccordOctet provides a dynamic and practical finance and logistical tool that solves these challenges, allowing importers to maximize opportunity and facilitate growth."
AccordOctet is as simple as using a credit card and works much the same way. Both importers and suppliers become members of a closed network that uses a secure online portal and unique, encrypted transaction cards to enable a seamless flow of documentation and funds between trading partners. There are no hassles, no delays and no letters of credit. Bank lines are protected, and purchases are settled the next business day. Clients then have up to 60 days interest-free to pay.
The program is already a proven success. Pioneered in 2008 by Hong Kong-based Octet Trading Limited, the program has grown to nearly 1200 members transacting from China, Hong Kong and Taiwan into Australia.
"We are thrilled to partner with Accord Financial to lead the North American launch and growth of the program," said Clive Isenberg, Managing Director of Octet Trading. "We are confident that their solid reputation, overseas experience and creative approach to doing business will revolutionize working capital transactions in those markets."
AccordOctet further strengthens Accord's commitment to providing simple, flexible, creative financial solutions for their clients. The program is unique to Accord in North America and will help to maintain the company's leadership role and drive its continuing international growth.
For nearly 35 years, Accord Financial has provided timely accounts receivable purchasing and asset-based financing up to $10 million and flexible, cost-effective, risk-free credit guarantee and receivables management services. It helps small and medium-sized businesses across Canada and the U.S. manage their cash flows and maximize financial opportunities - keeping business liquid.
AccordOctet is a trademark of Accord Financial Ltd.
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