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PROBLEM-
Letters of credit are one of the most preferred payment and financing mechanisms for international trade. The security and risk mitigation provided through Letters of Credit make them indispensable in international cross-border transactions. However, statistics prove that 60% to 80% of the documents presented to banks do not comply with the L/C and contain errors thereby delaying payments or refusal by the negotiating bank altogether.
Also there are additional costs and challenges, including:
• High susceptibility to errors due to multiple parties involved in producing required documentation.
• Strict and often complex documentary requirements and procedures makes the process time consuming, complex and prone to errors.
It is clear that the international trading community needs a system to streamline the export/import logistics, documentation and compliance process which reduces these problems.
SOLUTION-
TradeDoX’s Documentary Credit Collaboration module re-engineers the process of applying for a documentary credit. The Importer and exporter collaborate on the terms of the Documentary Credit, ensuring that the details are agreed before the Importer requests payment guarantees from its Bank.
• Enables shipper to get paid quickly by delivering trade finance documents that are conformant with the bank's terms.
• Accelerates advice of LCs and amendments and virtually eliminates discrepancies.
• Growing library of documents ready for immediate use. (currently over 1300) plus Standard documents include: Commercial Invoice, Shippers Letter of Instruction, Bill of Lading, Master Air Waybill, Certificate of Origin, Packing List, NAFTA, SED, EUR1, SAD, Invoice, Picking List, IATA, & hundreds of country specific documents – all free!
TradeDoX is FREE with no strings attached and can be downloaded from
http://www.tradev.net/LCSolutions.html We hope it will prove as beneficial to you as it has done to over 2.4 million traders worldwide!
Trade Development Network
San Jose, United States
Free Member, Joined :06/20/2007
No of Topics Posted : 1
Reply/Comments : 1
Is this service totally free or there is some catch to it.
Free Member, Joined :11/15/2001
No of Topics Posted : 1
Reply/Comments : 8
Yes! it is totally free and there are no strings attached. Now or in the future. TDN is a non-profit 501C3 Foundation and all our expenses are fully paid for by a number of benefactors. Our mandate is to provide IT and trade facilitation services for international trade.
Trade Development Network
San Jose, United States
Free Member, Joined :06/20/2007
No of Topics Posted : 1
Reply/Comments : 1
Tradeindia.com. We have assigned moderators to facilitate these discussions.
