Vastera’s services consisted of their TradeSphere® software suite, Trade Management Consulting and Managed Services. These solutions were based on a foundation of proprietary processes, data, rules and regulations, which they referred to as Global Trade Content. In order to provide each client with uniquely tailored solutions to automate and increase the efficiency of their global trade processes Vastera offered them the flexibility to select elements of each of their service offerings.
Global Trade Content
Vastera’s Global Trade Content was an extensive rules-based application, which served as the repository for the company’s entire suite of global trade management solutions. A fulltime content team made up of individuals such as a former government compliance official, international trade lawyers, licensed customs brokers, and in-country data experts was exclusively dedicated to tracking and managing trade regulations, trade content and preferential programs.
To keep clients up-to-date on regulatory and policy changes, daily content updates and postings were made through its global trade exchange – TradePrism.com, and its private client exchange – Vastera.net. Global Trade Content included such information as: regulation updates and notices, trade data, government denied party lists, requests for public comment on regulatory issues, final rulings on proposed regulation and trade committee meeting information.
TradeSphere® software solutions
TradeSphere was Vastera’s software applications suite that automated and streamlined the processes and information exchange involved in the cross-border movement of goods. Components of the software included import compliance, export compliance, restricted party screening and boycott/embargo screening, automated shipment documentation, trade agreement optimization, and customs entry filing. Clients were able to use TradeSphere components on a term license, perpetual license or transaction fee basis and also had the option of using it as a hosted solution.
Software breakdown prior to the JPMorgan Chase acquisition:
Export management
TradeSphere Exporter
- Integrated with order-fulfillment systems to automate domestic and global transactions;
- Performed check and calculations on orders and shipments;
- Ensured compliance with international trade laws;
- Filed export information electronically with government agencies;
- Identified and applied for export licenses; and
- Managed letter of credit details for compliance.
Import management
TradeSphere Importer
- Integrated with order-fulfillment systems to automate domestic and global transactions;
- Performed checks and calculations on pre-entries and commercial invoices;
- Ensured compliance with international trade laws and preferential programs;
- Reduced overall costs associated with duties, taxes, documentation and handling;
- Filed import information electronically with government agencies; and
- Measured broker performance.
TradeSphere Broker
- Allowed customs brokers and importers who were self-filers to interface with customs via ABI (Automated Broker Interface); and
- Simplified and expedited the process of clearing goods through customs.
Execution Modules
Restricted Party Screening
- Performed compliance checks per transaction for partners, products and countries against government maintained lists; and
- Placed holds on transactions where restricted parties were identified.
Document Director
- Produced the required documents for international shipments;
- Tracked the status and flow of documents; and
- Determined delivery method for each document.
TradeSphere Finance
- Performed checks against letter of credit and shipment information to ensure equivalence;
- Exchanged information with the issuing bank to apply for or amend a letter of credit; and
- Verified purchase orders to invoices.
HS Lookup
- Provided assistance for classifying products; and
- Provided word search capabilities.
Duty Manager
- Maintained a reference of current duty rates, tariff codes and Foreign Trade Zone (FTZ) information; and
- Managed duty drawback, binding rulings and preferential programs.
Collaboration
Collaborative Platform
- Provided the technical platform required to collect and share data among the global trade community and integrate solutions more quickly.
Trade Management Consulting
Vastera’s Trade Management Consulting was specifically tailored to each client’s needs. Services ranged from performing compliance assessments, to designing processes and procedures, to implementing the processes and procedures that they had developed for a customer.
Managed Services
Vastera’s Managed Services solutions combined Global Trade Content, TradeSphere solutions, proprietary global trade methodologies and processes, and trade expertise to deliver a customized service offering.