Itex Corporation
Encyclopedia
- For other similar names, see ItexItexItex may refer to:*Itex Corporation, a company that provides a marketplace for cashless business transactions*IT Examiner, an Indian I.T. web site*Itex, a fictitious firm in Maximum Ride: Saving the World and Other Extreme Sports...
.
Itex Corporation is an American company that provides a marketplace for cashless business transactions. The firm specializes in information technology
Information technology
Information technology is the acquisition, processing, storage and dissemination of vocal, pictorial, textual and numerical information by a microelectronics-based combination of computing and telecommunications...
and electronic funds transfer
Electronic funds transfer
Electronic funds transfer is the electronic exchange or transfer of money from one account to another, either within a single financial institution or across multiple institutions, through computer-based systems....
lifecycle management
Lifecycle management
*Product lifecycle management*Product life cycle management*Information Lifecycle Management*Plant lifecycle management*Application Lifecycle Management*Virtual Machine lifecycle management*Software Lifecycle Management*Building lifecycle management...
in an emerging niche market of cashless payment between firms. It works by supporting its clients' IT requirements and organising information technology on life-cycle management techniques concerning cashless payment and barter
Barter
Barter is a method of exchange by which goods or services are directly exchanged for other goods or services without using a medium of exchange, such as money. It is usually bilateral, but may be multilateral, and usually exists parallel to monetary systems in most developed countries, though to a...
trading systems between various firms via the direct transfer of goods for a notional inter-corporate currency value set by the broker.
Corporate history
Founded in AmericaUnited States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
's Washington state, during 1982, ITEX is an inter-corporate marketplace for cashless business transactions across North America
North America
North America is a continent wholly within the Northern Hemisphere and almost wholly within the Western Hemisphere. It is also considered a northern subcontinent of the Americas...
. An early branch opened at Nassau
Nassau, Bahamas
Nassau is the capital, largest city, and commercial centre of the Commonwealth of the Bahamas. The city has a population of 248,948 , 70 percent of the entire population of The Bahamas...
in the Bahamas by 1991. Branches were also operating in Toronto
Toronto
Toronto is the provincial capital of Ontario and the largest city in Canada. It is located in Southern Ontario on the northwestern shore of Lake Ontario. A relatively modern city, Toronto's history dates back to the late-18th century, when its land was first purchased by the British monarchy from...
and Quebec City
Quebec City
Quebec , also Québec, Quebec City or Québec City is the capital of the Canadian province of Quebec and is located within the Capitale-Nationale region. It is the second most populous city in Quebec after Montreal, which is about to the southwest...
(Canada
Canada
Canada is a North American country consisting of ten provinces and three territories. Located in the northern part of the continent, it extends from the Atlantic Ocean in the east to the Pacific Ocean in the west, and northward into the Arctic Ocean...
)
in 1995 and Vancouver
Vancouver
Vancouver is a coastal seaport city on the mainland of British Columbia, Canada. It is the hub of Greater Vancouver, which, with over 2.3 million residents, is the third most populous metropolitan area in the country,...
in 1996
.
Other branches exist in Switzerland
Switzerland
Switzerland name of one of the Swiss cantons. ; ; ; or ), in its full name the Swiss Confederation , is a federal republic consisting of 26 cantons, with Bern as the seat of the federal authorities. The country is situated in Western Europe,Or Central Europe depending on the definition....
,
Australia
Australia
Australia , officially the Commonwealth of Australia, is a country in the Southern Hemisphere comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands in the Indian and Pacific Oceans. It is the world's sixth-largest country by total area...
,
New Zealand
New Zealand
New Zealand is an island country in the south-western Pacific Ocean comprising two main landmasses and numerous smaller islands. The country is situated some east of Australia across the Tasman Sea, and roughly south of the Pacific island nations of New Caledonia, Fiji, and Tonga...
,
Romania
Romania
Romania is a country located at the crossroads of Central and Southeastern Europe, on the Lower Danube, within and outside the Carpathian arch, bordering on the Black Sea...
, South Africa
South Africa
The Republic of South Africa is a country in southern Africa. Located at the southern tip of Africa, it is divided into nine provinces, with of coastline on the Atlantic and Indian oceans...
, parts of Russia
Russia
Russia or , officially known as both Russia and the Russian Federation , is a country in northern Eurasia. It is a federal semi-presidential republic, comprising 83 federal subjects...
, Peru
Peru
Peru , officially the Republic of Peru , is a country in western South America. It is bordered on the north by Ecuador and Colombia, on the east by Brazil, on the southeast by Bolivia, on the south by Chile, and on the west by the Pacific Ocean....
, Puerto Rico
Puerto Rico
Puerto Rico , officially the Commonwealth of Puerto Rico , is an unincorporated territory of the United States, located in the northeastern Caribbean, east of the Dominican Republic and west of both the United States Virgin Islands and the British Virgin Islands.Puerto Rico comprises an...
and parts of India
India
India , officially the Republic of India , is a country in South Asia. It is the seventh-largest country by geographical area, the second-most populous country with over 1.2 billion people, and the most populous democracy in the world...
. Operations are also being planned for Costa Rica
Costa Rica
Costa Rica , officially the Republic of Costa Rica is a multilingual, multiethnic and multicultural country in Central America, bordered by Nicaragua to the north, Panama to the southeast, the Pacific Ocean to the west and the Caribbean Sea to the east....
.
Identity life-cycle manager
MicrosoftMicrosoft
Microsoft Corporation is an American public multinational corporation headquartered in Redmond, Washington, USA that develops, manufactures, licenses, and supports a wide range of products and services predominantly related to computing through its various product divisions...
's 'Identity Lifecycle Manager
Identity Lifecycle Manager
Microsoft Forefront Identity Manager is a state-based identity management software product, designed to manage users' digital identities, credentials and groupings throughout the lifecycle of their membership of an enterprise computer system...
' identity life-cycle manager server is reportedly used to protect users identities and enact the company's economic life-cycle management techniques.
Economic activities
Products are bought and sold by the use of 'ITEX dollars', which are earned by the selling of- surplus products, corporate services, excess inventory and or corporate capacity on to other members via Itex's onlineONLINE
ONLINE is a magazine for information systems first published in 1977. The publisher Online, Inc. was founded the year before. In May 2002, Information Today, Inc. acquired the assets of Online Inc....
services. The member businesses increase their sales and open new markets by utilizing ITEX dollars to exchange corporate goods and services amongst each other. This method of trading is known as 'inter-corporate barter trading'.
Corporate portfolio
ITEX processed over $300 million a year in transactions across 21,500 member businesses and sixty regional licensees in 2007. ITEX is powered by ITEX Payment Systems, the leading payment technology platform for cashless business transactions. ITEX is headquartered in Bellevue, WashingtonBellevue, Washington
Bellevue is a city in the Eastside region of King County, Washington, United States, across Lake Washington from Seattle. Long known as a suburb or satellite city of Seattle, it is now categorized as an edge city or a boomburb. The population was 122,363 at the 2010 census.Downtown Bellevue is...
and has a varying business portfolio with a diversified and growing clientele throughout North America
North America
North America is a continent wholly within the Northern Hemisphere and almost wholly within the Western Hemisphere. It is also considered a northern subcontinent of the Americas...
. They also moved in to cordless phone banking early on in 2010
.
The core firm it' self had 32 (up 1 on 2008) employees, the ticker label 'ITEX' and: NAS Sales in 2009 of 16,502,000. Total Sales in 2009 were worth $16.5M (up 3.4%), while the net income for 2009 stoodf at $0.6M and income growth was 35.0%.
Economic controversy
- The company was de-listed from NASDAQNASDAQThe NASDAQ Stock Market, also known as the NASDAQ, is an American stock exchange. "NASDAQ" originally stood for "National Association of Securities Dealers Automated Quotations". It is the second-largest stock exchange by market capitalization in the world, after the New York Stock Exchange. As of...
in 1998 because of U.S. Securities and Exchange Commission (SEC) investigations of its failure to meet financial reporting deadlines.
The credit crunch
The 2008-2009 credit crunchCredit crunch
A credit crunch is a reduction in the general availability of loans or a sudden tightening of the conditions required to obtain a loan from the banks. A credit crunch generally involves a reduction in the availability of credit independent of a rise in official interest rates...
made an impact on its services and corporate turnover in Romania
Romania
Romania is a country located at the crossroads of Central and Southeastern Europe, on the Lower Danube, within and outside the Carpathian arch, bordering on the Black Sea...
and southern India
India
India , officially the Republic of India , is a country in South Asia. It is the seventh-largest country by geographical area, the second-most populous country with over 1.2 billion people, and the most populous democracy in the world...
.
See also
- eCacheECacheeCache is an anonymous bank operating through interfaces in the Tor network. The bank issues cryptographic certificates, digital bearer certificates, that can be exchanged among the bank's users. The certificates can be bought and sold for real money through the bank. The owners and operators of...
- Electronic moneyElectronic moneyElectronic money is money or scrip that is only exchanged electronically. Typically, this involves the use of computer networks, the internet and digital stored value systems...
- PayPalPayPalPayPal is an American-based global e-commerce business allowing payments and money transfers to be made through the Internet. Online money transfers serve as electronic alternatives to paying with traditional paper methods, such as checks and money orders....
- BitcoinBitcoinBitcoin is a decentralized, peer-to-peer network over which users make transactions that are tracked and verified through this network. The word Bitcoin also refers to the digital currency implemented as the currency medium for user transactions over this network...
- PayMatePayMatePayMate is a mobile commerce company that has built the largest mobile payments network in India based in Mumbai,. PayMate enables people to transact and make payments from anywhere with their mobile phone...
- Eagle CashEagle CashEagleCash and EZpay are cash management applications that use stored-value card technology to process financial transactions in "closed-loop" operating environments. The programs are sponsored by the US Department of the Treasury for the US Military...
- Digital currency exchangers
- Credit CardCredit cardA credit card is a small plastic card issued to users as a system of payment. It allows its holder to buy goods and services based on the holder's promise to pay for these goods and services...
- Afro (currency)Afro (currency)The African Monetary Union is the proposed creation of an economic and monetary union for the countries of the African Union, administered by the African Central Bank...
- EuroEuroThe euro is the official currency of the eurozone: 17 of the 27 member states of the European Union. It is also the currency used by the Institutions of the European Union. The eurozone consists of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg,...
- MoneyMoneyMoney is any object or record that is generally accepted as payment for goods and services and repayment of debts in a given country or socio-economic context. The main functions of money are distinguished as: a medium of exchange; a unit of account; a store of value; and, occasionally in the past,...
- E-bullionE-Bullione-Bullion was a digital gold currency founded by Jim Fayed, a resident of Moorpark, California, USA. The company was incorporated in December, 2000, and launched on July 4, 2001...
- E-goldE-golde-gold is a digital gold currency operated by Gold & Silver Reserve Inc. under e-gold Ltd., and allowed the instant transfer of gold ownership between users until 2009 when transfers were suspended due to legal issues. e-gold Ltd...
- WebMoneyWebMoneyWebMoney is an electronic money and online payment system . WM Transfer Ltd, the owner and administrator of WebMoney Transfer Online Payment System, was founded in 1998 and is a legal corporate entity of Belize, Central America. Originally targeted mainly at Russian clients, it is now used worldwide...
- Fiat moneyFiat moneyFiat money is money that has value only because of government regulation or law. The term derives from the Latin fiat, meaning "let it be done", as such money is established by government decree. Where fiat money is used as currency, the term fiat currency is used.Fiat money originated in 11th...
- Bank loan
- InternetInternetThe Internet is a global system of interconnected computer networks that use the standard Internet protocol suite to serve billions of users worldwide...
- RipplepayRipple monetary systemRipple is an open-source software project for developing and implementing a protocol for an open decentralized payment network. In its developed form , the Ripple network would be a peer-to-peer distributed social network service with a monetary honour system based on trust that already exists...
- Identity Lifecycle ManagerIdentity Lifecycle ManagerMicrosoft Forefront Identity Manager is a state-based identity management software product, designed to manage users' digital identities, credentials and groupings throughout the lifecycle of their membership of an enterprise computer system...