Trade Technologies Releases Upgrade to Industry Leading International Trade Document Software
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:
Redesigned Examining Bank Dashboard providing a consolidated view of the presentation workflow;
One click document examination pursuant to UCP 600 requirements;
Single page presentation management to simplify tracking and data entry;
Enhanced tools for reporting fees, managing tracking information and discrepancy communication with exporters; and
Single click for examination bank to deliver an online presentation to issuing banks, including exam bank cover letter.
Letter of credit issuing banks globally have expressed an increasing interest in participating in the Trade Technologies online network to complete fully the online process for presenting original trade documents back to the issuing bank. This requirement resulted in a complete restructuring of the issuing bank role and functionality on the Trade Technologies site as part of the new release.Key Functionality for Issuing Banks now includes:
New issuing bank dashboard providing a consolidated view of the presentation delivery and workflow;
Online presentations directly to the issuing bank from the examination banks eliminating courier fees or and transportation delays;
Single page presentation management to simplify tracking and data entry; and
One click document examination pursuant to UCP 600.
“The examining bank groups of the largest trade banks around the world are utilizing Trade Technologies software and services to receive fully electronic original letter of credit presentations every day. This latest release will make it easier for them to do their work-- processing documents for our 1200 joint export customers,” said Kirk Lundburg, CEO of Trade Technologies. “We are excited to bring more letter of credit issuing banks on to our network, especially in Asia, and to thereby further accelerate the flow of trade documentation. We are constantly investing in our award-winning technology to accelerate payment, reduce errors and increase visibility for exporters.”
For exporters, this release provides new tools for self-designed reports and tools for managing data delivery to steamship lines and other carriers.
Trade Technologies’ mission is to dramatically improve exporters’ profitability and efficiency by enabling a transition over time to a completely paperless and collaborative international receivables collections process. The Company’s patented technology and business process lead the way in enabling exporters and freight forwarders to create accurate trade documents and to deliver original documents over the internet to major international trade banks and buyers. This far more efficient process allows customers to streamline their operations, eliminate discrepancies, save money and accelerate payments.
Trade Technologies has offices in Atlanta, Austin, Boston, Chicago, Hong Kong, Houston, Istanbul, London,
Los Angeles, Mumbai, New York, San Francisco and Singapore.
About Trade Technologies
Founded in 1999, Trade Technologies is the largest global provider of outsourced 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 71 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 Trade Technologies software platform and process.
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