USA: CIT Forms Strategic Alliance With FTADirect.com
CIT Commercial Service, the factoring services provider, has announced a strategic alliance with FTADirect, a leading online business-to-business marketplace for the textile and finished goods industry. According to the terms of the agreement, CIT will provide factoring services to users of FTADirect, by providing credit protection to the sellers and lines of credit to the buyers. "We chose CIT for its expertise in the textile and apparel industries as well as for its reputation and vast experience in the factoring services arena," said Nick Hahn, chairman of FTADirect. "Through our alliance with CIT, FTADirect will be able to support transactions on our website by giving our member companies the financial security to expand their sourcing and selling relationships." "Our alliance with FTADirect is part of our strategy to utilise the Internet to facilitate business-to-business e-commerce transactions and expand our support of the textile and apparel industries," said John F. Daly, president of CIT Commercial Services. "Through establishing pre-approval lines of credit, CIT will provide FTADirect buyers with increased purchasing and sourcing power. At the same time, our credit protection service will provide sellers with the security that they will get paid on all approved orders on the website." FTADirect's marketplace facilitates global textile trade by creating an Internet exchange where buyers and sellers can engage in online transactions for every product in the soft goods supply chain - from fiber to finished fabric. FTADirect has streamlined the sales and purchasing processes by providing buyers and sellers with essential e-commerce tools, services and information, including product sourcing and development, data analysis, order tracking and logistics management, and financing. FTADirect offers a multitude of state-of-the-art business solutions, which enable businesses to achieve the greatest levels of operating efficiency.
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