India's ICICI Bank has announced that it has revamped its Trade Online platform for export and import transactions by introducing an array of new digital services on it, including online letter of credit (L/C) offerings.

The bank claims Trade Online has been transformed into a digital banking platform on which companies can undertake almost all their export-import transactions online, all but eliminating physical documentation.

Convenience and L/Cs

Trade Online is convenient for customers because they can now initiate and manage transactions without being required to visit a bank branch to do so.

Services that can be initiated and executed digitally on Trade Online include L/C and bank guarantee issuance, export and import collection bills, disbursements of export credit and payments against imports.

Large exporter L/Cs

The platform also includes specialised solutions such as an e-L/C facility for large exporters.

An L/C beneficiary meanwhile can view and download L/C copies on a real time basis.

This article represents the views of the author and not necessarily those of the ICC or Coastline Solutions.