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
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
AccordOctet is a trademark of Accord Financial Ltd.
SOURCE Accord Financial Ltd.
For further information:
For more information, contact Simon Hitzig at 416 961 0304 x 205 or firstname.lastname@example.org.
To learn more, visit http://Accordfinancial.com/accordoctetvideo.html