State Street pilots open account trading system

"The old world of letters of credit has disappeared," says Alan Rosen, New Balance Athletic Shoe vice president and group controller. New Balance, a large importer of shoes from Asia, has been using State Street Corporation's new web based open account trade management system, i2eX.

i2eX is a global electronic platform for trade management. Traders can log on, create electronic purchase orders and shipping documents, receive online approval and shipment acceptance, and gain access to pre-export and post-export financing via a pre-approved credit line. Companies can also use the platform as a central database for reporting, and moving data between trade office systems. In addition, the platform enables State Street to analyze and manage the company's cash flow.