A small Texas-based software company that provides letter of credit (L/C) outsourcing to banks and international traders says it has expanded its customer base through the purchase of an Atlanta-based import/export outsourcing company.

Trade Technologies Inc. says it has acquired another small company, International Access, for an undisclosed sum in a deal that will bring the company founded in 1999 a broader range of L/C management and export receivables management tools as well as more clients.

L/C services

Trade Technologies L/C outsourcing service includes the review of L/C terms for consistency and the preparation of all internal documents including invoices, packing lists, beneficiary certificates and drafts.

The company says it will coordinate all required third party documents such as transport documents, insurance certificates and inspection certificates. It will also present documents to a negotiating bank that it determines to have the best payment performance and most attractive reimbursement and negotiation pricing. Finally, Trade Technologies will follow-up with the negotiating bank to ensure prompt payment collection.

Added value

Additional services to exporters provided by Trade Technology include recommendations to exporters of ways to better manage international L/C transactions and working capital and assistance to exporters in structuring, confirming and discounting of international L/C receivables.

For banks the company provides online L/C document negotiation through what it claims to be an Internet-based solution that provides an on-line customer interface between financial institutions and their global corporate clients for end-to-end management of export L/C transactions.

Called Digital Document Manager, the solution claims to provide exporting clients the ability to present UCP 500 compliant L/C documents to banks' examination offices via the Internet.

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