LTP Trade, the provider of online solutions for companies seeking to source funding or risk cover for trade finance, has reduced the size of its London-based delivery team. The move follows several other cost cutting exercises at the company.

The company now uses online demonstrations to sell its products, including the bidding window for standard trade finance facilities, including letter of credit (L/C) confirmation and L/C discounting, provided through the LTP's Trade Edge product (DC World News, 26 October 2002).

Online sales

It used to take the company several days to take a new client through LTP's procedures according to director James Parsons who says the company has "uncomplicated this process" by migrating it online.

Parsons says LTP has signed up more clients through its new sales processes, including two major US companies. He added that the company is writing business in several areas, including significant volumes of L/C and payment guarantee business.

Downsizing

One of the company's founding members, Richard Tull, has left the company for family reasons. He ran the LTP's New York representative office which has now closed.

In October, LTP terminated its weekly trade-finance research service. "We enrolled 20 or so leading banks, but were unable to get enough subscriptions from middle-tier banks" according to Parsons.

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