Online letters of credit (L/Cs) are amongst the range of banking services available to Indian exporters and importers on a new online platform launched by India's ICICI Bank.

As well as providing a comprehensive range of digital banking services in one place, the Trade Emerge platform also offers a range of "value-added" non-financial international trade services offered through the bank's partners.

Open to all

Trade Emerge aims to increase the effectiveness of exporters and importers by digitising time consuming physical processes in international trade.

All Indian exporters and importers use the Trade Emerge platform, regardless of whether or not they are ICICI Bank customers.

Financial services

Trade finance services available on the online platform include L/Cs and bank guarantees as well as digital solutions for foreign exchange operations, payments and collections.

The platform also offers current and saving account services, payment and collection solutions and credit cards.

Value-added services

Non-financial international trade services according to ICICI Bank include a global trade database of nearly 15 million buyers and sellers across 181 countries and verification reports by credit ratings agencies as well as logistics solutions including cargo tracking and marine insurance.

Services are offered through the bank's partners. Users wanting verify potential partners for example can verify the credibility of potential customers with business information reports provided by CRIF, a credit information, analytics and scoring, decision and software company approved by India's central bank. Users can also access Dun & Bradstreet's global credit, commercial data and analytic services.

More information on ICICI's Trade Emerge services can be found here.

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