Key enhancements improve online letter of credit presentation process for examining and issuing banks
AUSTIN, TX (January 6, 2014) – Trade Technologies, the global leader in international trade document solutions, announced today the release of the latest version of its patented global trade platform. This new release further improves the international trade documentation process for the Company’s exporter, trade bank and freight forwarder clients. The most significant changes in this release streamline the bank examination process for those examining and issuing banks utilizing the Trade Technologies software to receive original online presentations of UCP 600 letter of credit presentations.
Trade Technologies pioneered online presentations of letter of credit documents more than 10 years ago, and the Company has completed over 65,000 fully electronic presentations to major trade banks around the world in that time. Each of these 65,000 presentations contained originals and copies of all required documents, including all types of original third-party “e-transport documents,” such as carrier bills of lading, house bills of lading, forwarder cargo receipts and air waybills. Trade Technologies’ presentations are fully compliant within the established rules of the UCP 600 and have been honored for payment by hundreds of issuing banks around the world. Over the last decade, Trade Technologies has successfully completed more than 175,000 international trade transactions with a total value of more than $50 billion.
The success of Trade Technologies’ online presentation product with major trade banks globally, necessitated the streamlining and simplification of the examining bank functionality contained in this release. The new release improves productivity for examiners and provides enhanced tools for banks to collaborate with exporters.
Key Functionality for Examining Banks now includes:
Trade Technologies has offices in Atlanta, Austin, Boston, Chicago, Hong Kong, Houston, Istanbul, London, Los Angeles, Mumbai, New York, San Francisco, and Singapore.
Founded in 1999, Trade Technologies (www.tradetechnologies.com) is the largest global provider of trade document services and software. From its offices in Asia, Europe and North America, Trade Technologies provides leading exporters, freight forwarders and international trade banks with trade document solutions, training and consulting.
The Company’s web-based TradeSharp platform and outsourced services enable customers to streamline their operations, save money, accelerate payments, and eliminate discrepancies traditionally involved in international letter of credit, documentary collections and open account transactions. More than 1,500 exporters, global trade banks and freight forwarders depend on Trade Technologies’ services to process almost $10 billion in international trade transactions each year. Globally, Trade Technologies is presenting original letter of credit and other trade documents online to 66 examination offices of 24 banks in 13 countries.
Trade Technologies was named by Silicon Review as one of the “50 Smartest Companies of the Year 2016.” In 2015, Trade Technologies was awarded the Presidential “E” Star Award for Export Services by the U.S. Department of Commerce and was selected by CIO Review Magazine for its annual list of the 20 Most Promising Banking Technology Solution Providers. Trade Technologies was voted the “Best Trade Tech Solutions Company” in 2012 by readers of Trade Finance Magazine. In 2011, Trade Technologies won the Presidential “E” Award for Exports through the U.S. Department of Commerce, the highest recognition any U.S. entity may receive for supporting export growth. In 2010, the Company was awarded a patent on the TradeSharp software platform and process.