CIT, a global source for financing and leasing capital, and 7thOnline, a B2B provider of web-based merchandising technology and services for the fashion industry, today announced an alliance to provide online credit protection and receivables financing to fashion industry vendors and retailers.

Under the agreement, CIT's Commercial Services unit will issue credit to buyers to purchase goods on the 7thOnline website and at the same time provide credit protection and receivables financing to the sellers. According to the credit protection program, CIT will assume the buyer's financial ability to pay its debts on all approved orders through 7thOnline's website. Under the receivables financing program, CIT will offer advanced payment to the seller on a buyer's payment expected in the near future.

"CIT is committed to supporting B2B e-commerce,"said John F. Daly, president of CIT Commercial Services. "Partnering with 7thOnline will provide fashion industry vendors and retailers with financing for their online transactions. As the retail industry shifts towards online procurement, we are putting our financial resources and broad range of services to work for the new economy," added Daly.