A new online trade finance product introduced by ABN AMRO to its customers in India aims to make letter of credit (L/C) transactions easier for the bank's customers there.

The online Maxtrad trade portal is already available to the bank's customers in several Asian countries, and ABN AMRO says its use should help customers trading in fast growing international markets.

Efficient and effective

"MaxTrad is a comprehensive trade solution, which provides everything a business needs for trade, all in one place. It is recognised around the world as a leading edge product that enables businesses to carry out their trade activities more efficiently and effectively," claims managing director of Working Capital Global Trade Advisory, Daniel Cotti.

The suite offers a range of online capabilities, including L/C initiation, collections, guarantees, standby L/Cs, purchase order management, digital trade documents and document preparation.

Online support

Additional benefits according to the bank include real-time, user-customised reporting tools, including consolidated global reporting for multinationals and round the clock customer support services backed by local trade experts.

The multi-language package also contains business information relevant to international trading provided by the bank itself and by external providers such as the Economist Intelligence Unit.

Award winning

The bank claims its MaxTrad trade portal will enable corporates to manage a wide range of trade activities with their trading partners, from initiating L/Cs to data capture, delivery of purchase orders to document preparation, reinvoicing, foreign exchange and settlement.

Last month Euromoney awarded ABN AMRO 'best electronic services in tradefinance' for MaxTrad. It is the second year in a row that the award has gone to ABN AMRO.

This article represents the views of the author and not necessarily those of the ICC or any of the other partners in DC-PRO.