Import Letters of Credit
Create, amend, manage and track Import Letters of Credit.
Import Letters of Credit are widely used in international trade. TradeBeam offers on-demand software to manage the lifecycle of Import Letters of Credit. The solution allows importers to create Import Letter of Credit applications from purchase orders and then amend the Letters of Credit based on changes to POs. The Letter of Credit application and the Letter of Credit amendment can be sent electronically to the issuing banks, and the respective issuances are updated on the system.
TradeBeam processes your required letter of credit documentation after your financial institution has issued the letter of credit.
Expanded Features
Streamline and manage the Import Letter of Credit application and amendment process
Manage the Letter of Credit application and amendment creation and approval process via status and automated workflow processes.
Use templates to create Letter of Credit applications, reducing errors and saving time
Use templates to facilitate data entry for recurring transactions such as Letter of Credit applications or purchase orders to reduce data entry errors and save time.
Manage Letter of Credit applications and amendments for multiple banks in one system
Letter of Credit applications and amendments can be sent to different banks. Users do not have to log into multiple bank systems to manage their Letters of Credit.
Consolidate POs into Letter of Credit applications, and PO changes into Letter of Credit amendments
Consolidation helps reduce fees and other costs associated with Letters of Credit by enabling users to consolidate relevant POs into a single Letter of Credit application. PO changes may also be consolidated into a Letter of Credit amendment.
Track status of the Letter of Credit application, issuance, and payments online through the TradeBeam Portal
View the status of Letter of Credit applications and amendments in the TradeBeam portal. The relevant Payment or Funding Advices for the payment of the Letters of Credit may also be viewed and managed on the portal.
Collaborate efficiently with all of the parties in the Letter of Credit transaction
TradeBeam’s collaborative platform allows the multiple involved parties to share data, scan document images, upload files, and transmit information electronically. Parties often include financial institutions, freight forwarders, carriers, government agencies, and insurance and inspection companies.
Receive alerts to upcoming expirations, delays, and payments
Set alerts for automatic notification of significant Letter of Credit events, such as new Letters of Credit, amendments, approvals, maturities, payments, delays, hold expirations, latest shipment dates, and other exception events.
All documents are UCP600 and SWIFTStandards compliant
UCP600, the Uniform Customs and Practice for Documentary Credits (UCP), is a set of rules on the issuance and use of Letters of Credit. Developed by the International Chamber of Commerce (ICC), UPC is the standard in more than 175 countries. UCP600 replaced UCP500 in July 2007. All TradeBeam-produced documents are UCP600 compliant. SWIFTStandards, developed by the Society for Worldwide Interbank Financial Telecommunication SCRL (SWIFT), are business standards that support transactions in the financial markets for payments, securities, treasury and trade services. All TradeBeam Letter of Credit applications adhere to SWIFTStandard MT700—Issue of a Documentary Credit. All TradeBeam Letter of Credit amendments adhere to SWIFTStandard MT707—Amendment to a Documentary Credit.
Manage and archive electronic documents with full audit trail for each transaction
TradeBeam’s process automatically creates an auditable transaction record that minimizes the administrative time required to pull records from multiple sources for review.
Integrate Information from Bank Systems
Easily send Letter of Credit application and amendment data to select bank systems no integration work, or send Letter of Credit application and amendment data automatically to any bank system as MT700 and MT707 electronic messages. Receive Letter of Credit issuance, Letter of Credit amendment issuance and funding advice information from bank systems. Multiple file formats (e.g., EDI, xml, .csv) and secure transmission protocols (e.g., sFTP, HTTPs) provide a wide range of flexible and secure integration options.
Report Management
Detailed online reporting is available through customizable Import Letter of Credit reports. Reports may also be printed or downloaded to spreadsheet applications.
Web-based Architecture
Access the application from any Web browser. All applications are standards-based and highly scalable. XML-based integration model supports seamless inbound and outbound data sharing with third-party applications.
Support
24×7 TradeBeam-managed integration and application support. Experienced TradeBeam implementation support setup and training.
