CHARLOTTE, N.C. First Union Corp. has agreed to supply payment technology to Fasturn Inc., an online business-to-business marketplace for the apparel industry.
First Union would enable businesses making international, high-dollar purchases on the Fasturn site to make payment without leaving the Internet.
Businesses engaged in online purchases between companies in different countries now are required to settle offline.
With the new system, expected to be introduced in December, Fasturn would collect all the data needed to complete purchase orders such as product specifications, quantity, shipment information, and authorizations, and then transfer this information to First Union, which would issue letters of credit.
First Union plans to use its AutoLC technology to generate the letters of credit.
