Trade Technologies Introduces Original Online Letter of Credit Presentations to Mexico
Trade Technologies' Footprint Expands to Match Needs of Global Exporters
Austin, TX (November 25, 2013) – Trade Technologies, the global leader in international trade document solutions, announced today the successful expansion of its patented process for presenting original letter of credit documents to banks. This September, for the first time in Mexico, the Company completed a fully online presentation of LC export payment documents to Bank of America Merrill Lynch S.A., Mexico City, on behalf of large exporters shipping from the United States. This presentation has been followed up with 65 additional complete online presentations to date.
“We are excited to expand our services into an important export market like Mexico. Online presentations reduce risk and help exporters get paid more quickly without couriers or other costs,” said Kirk Lundburg, CEO of Trade Technologies. “Trade Technologies continues to singularly focus on helping exporters, customers grow their international business by reducing payment time and risk.”
“Since 2003, Bank of America Merrill Lynch has worked with Trade Technologies to receive online presentations of original letter of credit documents in our examination offices in the U.S. and Asia," said Dennis Dubois, Head of Trade Finance for Latin America at Bank of America Merrill Lynch. "We are pleased to extend Trade Technologies' services and technology to our letter of credit examination offices in Mexico City, where we will be able to automate and accelerate payments for our clients.”
Trade Technologies pioneered online presentations of letter of credit documents more than 10 years ago and since launching the technology, the Company has completed over 65,000 fully electronic presentations to major trade banks around the world. 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.
Since its founding in 1999, Trade Technologies’ patented technology and business process lead the way in enabling exporters and freight forwarders to create accurate trade documents and deliver original documents over the internet to major international trade banks and buyers. The Company’s patented web-based Global Trade Management Platform and professional outsourced services have dramatically changed antiquated, paper-based international payment practices. Trade Technologies’ modernized 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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