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Triple Point Introduces Commodity XL for Inspections Powered by Navarik(Market Wire Via Acquire Media NewsEdge) WESTPORT, CT -- (MARKET WIRE) -- 05/27/10 -- Triple Point Technology®, the leading provider of multi-market commodity and enterprise risk management software solutions, announced today Commodity XL for Inspections? Powered by Navarik. With its strategic partnership with Navarik®, a global leader in physical operations software, Triple Point broadens its logistics functionality to manage cargo inspections and all operational activities associated with cargo quality management and ship-to-shore transfer. Navarik Inspection? is recognized as the industry standard in cargo inspection management for crude oil and refined products. Several of the world's largest oil companies including BP, Chevron, and Shell rely on Navarik to streamline physical operations. Navarik manages data representing 40% of the U.S. seaborne crude oil imports. Commodity XL for Inspections Powered by Navarik provides the automation, standardization, and business intelligence required for companies to effectively identify cargo loss claims; reduce off-spec cargos; speed deal settlement; and drive better inspection performance for bulk commodities including crude oil, LNG, refined petroleum products, coal, metals, grains, coffee, and sugar. The current processes and systems available to manage key inspection information -- including nominations, claimable oil losses, cargo quality, demurrage, and settlement -- are manual and disjointed. This inefficient approach to data collection, analysis, and distribution provides little transparency and puts organizations at high risk of human error and faulty information feeding into business decisions. Commodity XL for Inspections Powered by Navarik immediately extends Triple Point's straight-through processing (STP) capability to connect energy and commodity companies with inspectors to dramatically reduce information delays and human error. The solution automates and standardizes the collection of cargo inspection results, enabling companies to easily track, analyze, and retain key inspection information for more proactive decision-making. "Straight-through processing has always been a component of Triple Point's strategy, and we've already extended the operational benefits of STP to external entities including exchanges, data providers, counterparties, and partners such as SAP," said Mike Ravo, VP, Industry Solutions, Triple Point. "By partnering with Navarik and gaining the leading solution for inspections across bulk commodities, Triple Point advances its ability to manage end-to-end physical operations, providing customers with the required business intelligence to mitigate operational risk and make proactive decisions." "Navarik was the first software company to recognize the critical need for cargo inspection management in the petroleum industry, and the benefits were easy to calculate. If a single cargo of crude oil is understated by just one percent during a shore-to-ship transfer, several hundred thousand dollars can be lost," said Patrick Rooney, President and CEO, Navarik. "We are pleased to partner with Triple Point to bring our unmatched technology and expertise in cargo inspection for crude and petroleum products to Triple Point's broad portfolio of customers across geographies, industries, and commodities." About NavarikNavarik's mission is to be the leading provider of physical operations software and information services for the commodity trading industry. Our on-demand software services automate physical trade operations and maritime shipping logistics for crude oil, refined products and bulk commodities and we are the global leader in cargo inspection management. Many of the world's largest oil companies rely on our flagship product, Navarik Inspection?, for business process automation and data intelligence to help them achieve better operational performance and to determine the actual quantity, quality and status of cargos. For oil producing countries, Navarik Inspection also generates a detailed account of the total volume of petroleum exports. More information about Navarik's products and services can be found at www.navarik.com. About Triple Point TechnologyTriple Point Technology® is the leading global provider of multi-market commodity and enterprise risk management software solutions. Triple Point's Commodity XL profitably integrates physical and financial markets on a real-time, service-oriented architecture (SOA) platform for commodities including power, oil, gas, coal, emissions, base and precious metals, agricultural products, chemicals, biofuels and freight. In addition to Triple Point's award-winning commodity and energy trading software being used by more than 25 percent of both Global 500 commodity trading and Global 500 energy companies, other organizations with large raw material and energy exposure, including consumer products (CP), discrete manufacturers and big box retailers, are quickly adopting the Triple Point solution. Triple Point, headquartered in Westport, Connecticut, USA, was founded in 1993 and serves clients from eleven development and support centers located around the globe. www.tpt.com. Contact: Jennifer Jones Tel: +1.203.291.7979 Email: Email Contact |