Press Releases
TradeBeam Leading The Field In Global Trade Settlement Products
San Mateo, CA, August 3, 2004—TradeBeam, Inc, the leading provider of Global Trade Management software and services announced today that it is making significant advances in the field of global trade settlement solutions. TradeBeam is leading the way to integrate physical and financial supply chains for global trade with over 3000 corporate clients and end-users in over 100 countries live on TradeBeam’s applications. TradeBeam’s financial product suite includes applications to automate the letter of credit, reconciliation, dispute resolution, open account and payment terms processes.
“Automating the overall Letters of Credit process (i.e., to ensure accuracy and reduce the discrepancy rate, not simply to automate the Letters of Credit issuance) is extremely difficult but vitally important, because it is a necessary precursor to integrating the entire supply chain,” said Lee Kidder, Director Wholesale Banking, Tower Group. “TradeBeam’s focus on integrating the entire supply chain process, which is where the industry is steadily moving, clearly puts it on the leading edge of trade finance technology.”
Letters of Credit are one of the most important payment and financing vehicles for international trade. The security and risk mitigation provided through Letters of Credit make them very attractive when doing business on a global basis. However, this security brings additional costs and challenges. Up to 70% of all Letter of Credit documents submitted to banks for payment are rejected upon first presentation due to incorrectly issued documentation, leading to payment delays, additional fees and in some cases, non-payment of the drawing.
TradeBeam’s Letter of Credit solution manages existing Letter of Credit usage and relationships for over one hundred and fifty corporate clients. The solution synchronizes the payment terms and critical supporting documents to enable both electronic Letter of Credit creation and bank presentation. TradeBeam’s goal is to reduce discrepancies and improve efficiencies in the financial supply chain.
“TradeBeam has significantly reduced discrepancies by automating document preparation and reconciling relevant logistics data and business documentation,” said Theresa Williams, Corporate Credit Manager, Zebra Technologies.
Part of the secret to TradeBeam’s success lies in its document management and reconciliation capability that generates documents based on the Letter of Credit terms, making use of business partner profiles, electronic data transmission and templates to minimize data entry. Paper and electronic distribution of Letter of Credit documentation can be made to banks, trading partners or any service provider. All documents created and managed by TradeBeam are compliant with UCP500 and eUCP.
“I am delighted with the growth and consistent satisfaction our customers have from our global trade settlement products,” said Graham R. F Napier, President and CEO of TradeBeam. “Integrating the physical and financial supply chain for global transactions is at the heart of our company and this success provides a solid foundation to further minimize working capital and reduce supply chain costs for our customers.”
About TradeBeam
TradeBeam is a Global Trade Management company providing applications for managing the lifecycle of a trade across domestic and international order, logistics, and settlement activities to improve operating efficiencies and working capital.