Letters of Credit provide a valuable way to reduce risk, but they have strict and complex document requirements and are highly susceptible to errors. An estimated 70% of all Letters of Credit submitted to banks for payment are initially rejected due to incorrectly issued documentation. This rejection can lead to payment delays, additional fees, and even nonpayment of the drawing.
TradeBeam offers on-demand software for managing the documentation lifecycle of Export Letters of Credit, plus a managed service for Export Letter of Credit document preparation, submission and tracking.
- Document Preparation
- Letter of Credit Reconciliation
- Third-Party Collaboration
- UCP600 and eUCP compliance
- Audit Trails
Here’s what TradeBeam can do for you
“Letter Perfect” Letters of Credit
Avoid delays in conducting your transaction.
Reduce discrepancies due to inconsistent document preparation, as well as high error rates due to multiple parties needing to produce documentation.
Minimize staff time spent meeting strict and complex documentary requirements while avoiding courier expenses, secondary penalties, and fees for issuing and confirming Letters of Credit.