USA: edaflow And CIT To Provide Factoring Services To Buyers And Sellers
Apparel industry e-commerce solutions provider edaflow www.edaflow.com today announced its alliance with CIT commercial Services to make factoring and credit services available to apparel buyers and sellers using the edaflow platform."The apparel industry is relationship driven. Factoring and credit services help establish strong relationships," said Tim Cobb, edaflow Chairman and CEO. "CIT provides a strategically important and valuable service, and edaflow is enthusiastic about this alliance." According to research firm Jupiter Communications, nearly half of all non-service business-to-business exchange will occur online by 2005, with total transactions valued at $6.3 trillion. This growth will be fueled by marketplaces like edaflow, and financial service providers like CIT."Our arrangement with edaflow enables us to leverage our long history of financing the apparel industry by utilizing the Internet to facilitate e-commerce transactions," said John F. Daly, president of CIT Commercial Services. "Our strategy is to provide financing services via key business-to-business vertical and horizontal marketplaces. As edaflow is a leading player in apparel e-commerce, we view our alliance with them as an important step in that direction."The CIT service will be available to registered members of the edaflow network.In addition, edaflow and CIT have collaborated on an educational white paper that explains the critical issues surrounding the apparel industry as it moves to online commerce. The objectively written paper delves into the concerns of apparel industry executives as they ponder e-commerce, particularly in the business-to-business space. The paper will be made directly available to CIT and edaflow clients, and will be posted to both company's Web sites in the near future.
July 10, 2000