One of the US' larger banks has announced that it is providing a new way for importers to handle virtually all their letter of credit (L/C) needs from any location worldwide.

UPTrade Solutions says its automated system allows importers to issue, track and amend L/C transactions without any special software.

Light and quick

Accessed via the international banking section of the Union Planters web site, the new system claims to lighten clients' paperwork and administrative burdens and reduce turnaround time by 24 hours.

The system allows users to view their full history including transaction documents and data.

Sea and air

Clients can initiate airway releases, amendments and steamship guarantees. They can also track the status of L/Cs and create standard product descriptions, which the bank says will allow them to save time on future requests, and view SWIFT messages.

For the time being UPTrade Solutions is providing access for import L/Cs but says that additional products and services will be rolled out through 2004.

Union Planters

Union Planters Corporation is the largest bank holding company headquartered in Tennessee and is among the 25 largest bank holding companies based in the US with consolidated assets of US$31 billion at 31 December 2003.

Union Planters Bank, the principal banking subsidiary, operates 717 banking offices across several US states.

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