International trade document solutions provider, Trade Technologies, has announced the production release of its TradeBridgeAPI Bank.

The solution connects the company's proprietary TradeSharp platform (DC World News, 21 February 2022) to bank systems, to fully automate the exchange of messages, documents, and data between negotiating banks and exporters throughout the entire export letter of credit (L/C) process.

Major step forward

TradeBridgeAPI Bank is the latest addition to Trade Technologies' suite of digital solutions. Since 2003, Trade Technologies has successfully completed over 220,000 online presentations of trade documents to banks and buyers according to the company.

It says that this new API connectivity for banks represents a major step forward for automation and digitisation of manual paper-based trade document processes and will further increase efficiency for both exporters and banks. An earlier FTP version of TradeBridge for Banks has been in live production for over three years.

Additional TradeBridgeAPI Bank functionality to support documentary collections and open account transactions are under development.

How it works

TradeBridgeAPI Bank begins with automated delivery of L/C advices which can be instantly processed by TradeSharp to create new transactions and populate compliant documents for exporters.

Final documents are presented for payment, along with a digital package of the underlying data which participating banks use to automate registration and compliance checks. The digital package also includes images of the documents which auto-populate the bank's imaging system for document review.

Each remaining step in the L/C process, from delivery of exam results and transaction status through to payment advices, is similarly automated. All these previously manual processes for messages, documents and data are handled electronically.

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