In Brief: NationsBank Testing Trade Finance Card

NationsBank Corp. has become the first U.S. bank to test a trade finance credit card that could replace letters of credit traditionally used to finance imports and exports.

According to New York-based World Trade Centers Association, the organization sponsoring development of the card, three foreign financial institutions-Royal Bank of Canada, Societe Francaise de Factoring, and ABN Amro NV also plan to test the card.