Export Letters of Credit
Create, present and manage all documentation required for an Export Letter of Credit.
Letters of Credit provide a valuable way to reduce risk, but they have strict and complex document requirements and are highly susceptible to errors. An estimated 70% of all Letters of Credit submitted to banks for payment are initially rejected due to incorrectly issued documentation. This rejection can lead to payment delays, additional fees, and even nonpayment of the drawing.
TradeBeam offers both on-demand software for managing the documentation lifecycle of Export Letters of Credit, as well as a managed service for Export Letter of Credit document preparation, submission and tracking.
Expanded Features
Streamline and manage Letters of Credit document preparation
TradeBeam’s solution centralizes Letter of Credit document preparation and distribution in a secure location. The system generates all necessary documents based on the originating Letter of Credit terms, avoiding inconsistencies and efficiently making use of business partner profiles, electronic data transmission, and templates to minimize data entry. TradeBeam can distribute paper or electronic documentation to banks, trading partners, or any service provider.
Comprehensive event management information is accessible at any step in the Letter of Credit process. Trade collaborators can be assigned responsibilities and actions.
Online Letter of Credit presentation, status, and management of drawings
Track Letter of Credit payments and manage maturity dates and payment dates, amounts, currency, fees deducted, and accounts credited. Manage complex transactions, such as tracking incoming invoices from multiple purchase orders against a Letter of Credit.
Receive alerts to upcoming expirations, delays, and payments
Set alerts for automatic notification of significant Letter of Credit events, such as new Letters of Credit, amendments, approvals, maturities, payments, delays, holds, expirations, latest shipment dates, and other exception events.
All documents are UCP600 and eUCP compliant
UCP600, the Uniform Customs and Practice for Documentary Credits (UCP), is a set of rules on the issuance and use of Letters of Credit. Developed by the International Chamber of Commerce (ICC), UCP is the standard in more than 175 countries. UCP600 replaced UCP500 in July 2007. eUCP was developed as a supplement to UCP for electronic commerce. All TradeBeam-produced documents are UCP600 and eUCP compliant.
Manage and archive electronic documents with full audit trail for each transaction
TradeBeam’s process automatically creates an auditable transaction record that minimizes the administrative time required to pull records from multiple sources for review.
Streamline reconciliation against Letters of Credit
Reconcile Letter of Credit data against critical supporting documents, including transport document, invoice, packing list, and others, to ensure low discrepancy rates at presentation.
Collaborate efficiently with the many third-parties involved
TradeBeam’s collaborative platform allows multiple parties to share data, scan document images, upload files, and transmit information electronically. Parties often include financial institutions, freight forwarders, carriers, government agencies, and insurance and inspection companies.
Integrate Information from Bank Systems
Upload Letter of Credit data from select bank systems using Microsoft Excel with no integration work, or receive Letters of Credit automatically from any bank system as MT700 and MT707 electronic messages. Multiple file formats (e.g., EDI, xml, .csv) and secure transmission protocols (e.g., sFTP, HTTPs) provide a wide range of flexible and secure integration options.
Report Management
Detailed online reporting is available through customizable Export Letter of Credit reports. Reports can also be printed or downloaded to spreadsheet applications.
Web-based Architecture
Access the application from any Web browser. All applications are standards-based and highly scalable. XML-based integration model supports seamless inbound and outbound data sharing with third-party applications.
Support
24×7 TradeBeam-managed integration and application support. Experienced TradeBeam implementation support setup and training.
Other Services Available (Offered by TradeBeam Managed Services)
Letter of Credit document preparation and presentation services
TradeBeam Managed Services is staffed by subject matter experts with decades of experience helping companies efficiently manage Letters of Credit and other global trade transactions. Our trade consultants have backgrounds in areas such as banking, forwarding, legalization and brokerage. Our Managed Services team prepares Letter of Credit drawings and Documentary Collections on behalf of exporters, providing high-quality service with a guarantee of no discrepancies.
Legalization and Inspection Services
TradeBeam can provide legalization services to aid exporters shipping to countries with specialized consular requirements. TradeBeam experts work with consulates, chambers of commerce, and third parties to arrange legalization certificates and inspection certificates.
Cargo Insurance Integration
TradeBeam can provide a direct Web interface with your insurance carriers through our Global Trade Platform or with TradeBeam’s own cargo insurance carrier at competitive rates. Cargo insurance can therefore be synchronized with other shipping documents.
