Trade Technologies Completes 40,000th Original Online Letter of Credit Presentation
Global Leader’s Patented Solution Breaks New Volume Threshold
Austin, TX (August 23, 2011) – Trade Technologies, the global leader for international document solutions, announced today the successful completion of its 40,000th fully electronic presentation of original letter of credit documents to major trade banks. Each of these 40,000 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 with the established rules of the UCP 600 and have been honored for payment by hundreds of issuing banks around the world. In total, Trade Technologies has successfully completed over 115,000 international trade transactions with a total value of over $30 billion since 2003.
Over the last 9 years, Trade Technologies’ patented technology and process has dramatically changed the letter of credit world by automating the creation of all required documents directly from SWIFT advised letters of credit and enabling secure electronic presentations of original UCP 600 documents to major trade banks for payment. This far more efficient process allows exporters to streamline their operations, eliminate discrepancies, save money and accelerate payments. Trade Technologies’ flexible architecture and service offerings allow it to complete transactions under the established UCP 600 requirements and also the less proven e-UCP.
“Since our founding, Trade Technologies has been the leader in applying automation to letter of credit and other complex international trade transactions globally. We are singularly focused on helping our exporter customers grow their international business by reducing payment time and risk,” said Kirk Lundburg, CEO of Trade Technologies. “In 2010 alone, our software and services have helped over 1000 exporters receive payments 15 to 30 days faster on over $9 billion of exports."
Earlier this year, Trade Technologies was awarded the Presidential "E" Award for Exports by the U.S. Department of Commerce. The "E" Awards are the highest recognition any U.S. entity may receive for making a significant contribution to the expansion of U.S. exports.
“Bank of America Merrill Lynch has worked with Trade Technologies since 2003 to receive online presentations of original letter of credit documents in our examination offices around the world,” said Paul Johnson, Director, Global Trade and Supply Chain Product Management, for Bank of America Merrill Lynch. ”Trade Technologies services and technology automate and accelerate payment on billions of dollars of export transactions to our clients each year.”
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.
Copyright © 2018 Trade Technologies, Inc. All Rights Reserved.