LCconnect Inc., the web-based letter of credit (L/C) origination platform has announced that the volume of executed transactions exceeded US$100 million in 2001. Fourth quarter deal flow was more than double the previous total since operations went live in May of last year.

According to the company's founder and co-president, Michael Moretti, LCconnect has been able to deliver these results by "streamlining the L/C origination process, generating workflow efficiencies and cost savings for our customers".

LCconnect aims to attract two types of subscribers: corporate subscribers, who can originate L/Cs and access aggregated L/C reports online and bank subscribers who, according to the company, can benefit by seeing more transactions from existing, as well as prospective clients.

Transactions in the energy, energy, aerospace/defence and basic materials involving both US and foreign banks have been so far been processed through LCconnect, which enables users to execute both export and standby L/Cs. The New York based company says it hopes to attract additional subscribers to provide what founder and co-president, Lukasz Cianciara, describes as "additional deal flow and liquidity to our corporate and bank client base".

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