Trade Technologies Announces Issuance of Technology and Business Process Patent
Patent Covers Letter of Credit Documentation Process and Online Letter of Credit Document Presentations
Austin, TX (October 13, 2011) – Trade Technologies, the global leader in international trade document solutions, today announced the issuance of US Patent 7,835,971 covering the company's technology and process for streamlining the creation of error-free trade documents and providing electronic delivery of original letter of credit and other complex trade documentation for payment. In 2010, Trade Technologies' software and services helped over 1000 exporters receive payments 15 to 30 days faster on over $9 billion of exports.
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. When compared to traditional methods, 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.
"This patent confirms Trade Technologies as the leader in applying automation and proprietary business process improvements to letter of credit and other international trade payment 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. "Over the last 9 years we have helped exporters collect payment on over $30 billion of trade transactions. Of those transactions, over 40,000 were delivered entirely online through our patented technology and processes."
Trade Technologies' patented business solution includes its web-based international receivables management platform which provides workflow and controls the receipt, creation, approval, and distribution of letter of credit and other complex international receivables documentation. Additionally, the platform provides a secure and reliable means of presenting such transaction information online to banks, customers, and service providers. All patented methods and systems enable transaction documentation and data to be verified as compliant with the UCP 600. Real-time trade receivables reporting and business intelligence enables exporters to accelerate payment, manage costs and reduce risk.
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 supporting export growth.
Trade Technologies was founded in 1999. Over 1000 exporters, global trade banks and freight forwarders rely on Trade Technologies' software and outsourced services to process over $9 billion dollars in international trade transactions 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.
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