Trade Technologies Extends Online Letter of Credit Presentations Across Asia
Electronic Trade Document Solution Successfully Introduced to Three New Countries
Hong Kong and Singapore (May 27, 2015) – Trade Technologies, the global leader for international trade document solutions, announced today the successful extension of its patented process for delivering original electronic trade documents to major trade banks. Over the last three months, Trade Technologies has completed fully electronic presentations of UCP 600 compliant letter of credit documents to major trade bank offices located in Taiwan, Malaysia and Thailand. This makes a total of six Asia Pacific countries where fully electronic letter of credit document presentations are available over Trade Technologies’ patented software platform. Globally, Trade Technologies is presenting original letter of credit and other trade documents online to 48 examination offices of 17 banks in 13 countries.
Trade Technologies revolutionized trade documentation when it began fully electronic presentations of letter of credit documents more than 12 years ago. Since then, the Company has completed over 75,000 fully electronic presentations to major trade banks around the world. Each of these 75,000 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.
“Our multinational clients are pushing us to extend our proven electronic documentation to more countries, especially in Asia, in order to shorten payment cycles and reduce their risk and costs.” said Kirk Lundburg, CEO of Trade Technologies. “We are pleased to have this opportunity to bring our industry-leading solution to exporters in new markets.”
“Trade Technologies outsourced trade document services coupled with online presentations have helped Bruker Corporation cut costs and accelerate payment on our export transactions across Asia,” said Paul Lee, APAC Credit Manager for Bruker Corporation.
Major trade banks in Asia, have utilized the Trade Technologies platform since 2006 to receive online presentations of original letter of credit documents. The process started in Hong Kong and has since expanded to Singapore, Shanghai, Beijing and other trade finance centers.
Since its founding in 1999, Trade Technologies’ patented technology and business process have 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.
Copyright © 2018 Trade Technologies, Inc. All Rights Reserved.