GBI Identifies Trade Technologies as the Leader for Letter of Credit Outsourcing Providers
Outsourcing service recognized for reducing risk and improving working capital for exporters
Austin, TX (August 12, 2013) – Trade Technologies, the global leader in international trade document solutions, announced today that it was identified as the leader for letter of credit outsourcing providers. The report, entitled 2013 Working Capital Technology Guide, was released in June by Global Business Intelligence (GBI) and evaluated leading vendors offering working capital technology solutions to both banks and corporates. Trade Technologies was among the select companies Global Business Intelligence evaluated using a detailed set of criteria, including customer references, evaluations of business practices and product capabilities. Founded in 1997, GBI conducts consortium and proprietary research around international trade for leading trade and financial organizations throughout the world.
“Letters of Credit can substantially reduce risk and improve working capital for exporters with the knowledge and experience required to properly prepare and deliver the required documents. However, the problems of complying with letters of credit in a timely way raise significant issues for those exporters who are not adequately prepared," said David Gustin, President of Global Business Intelligence. "Preparing documentation for letters of credit (L/Cs) can be a major headache. This is especially so if documents are to be prepared exactly according to the numerous conditions and requirements in the so-called 'average letter of credit'. While there are roughly dozens of 'legitimate' Letter of Credit outsourcing providers with solutions across the Global 2000 and middle markets, there are only a few that have invested in the technology, bank relationships, and operations staff to build scale."
“This report speaks volumes for our track record as the leading international trade document solution provider and demonstrates our ongoing commitment to exceeding the ever changing demands of exporters worldwide,” said Kirk Lundburg, CEO of Trade Technologies. “Our software and services, along with our global footprint provide a significantly higher class of services than any other provider in the space.”
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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