Open Account Management
Companies typically use Letters of Credit to reduce the risk associated with international trade transactions. However, when buyer-seller relationships are mature and trusted, many companies find the costs and constraints associated with Letters of Credit burdensome. As an alternative, companies are increasingly looking to Open Account payment methods to support international trade transactions. This trend has created significant opportunities for buyers, sellers, and financial institutions to free up working capital, take costs out of the supply chain, and offer innovative trade finance services to new markets.
TradeBeam provides network-based, easily deployable Open Account solutions that address the needs of complex international trade transactions.
Manual paper processes can’t link physical supply chain events with financial supply chain processes.
Utilizing a scalable and secure Web-based architecture, TradeBeam solutions can link physical and financial supply chain transactions and events to lower financial risk, automate workflow, and reduce errors and delays.
Overcome the Challenges of Open Account Management
- Enable physical and financial supply chain collaboration among buyers, sellers, and financial institutions, and gain visibility into transactions and events while maintaining a full audit trail
- Use any transaction type, including invoices, purchase orders, and custom documents required by trading communities
- Set up an automated workflow that includes invoice presentation, approval cycles, and dispute resolution
- Set up automated alerts for exceptions
- Automatically generate documents required for regulatory, shipment and finance processes
- Reduce time-consuming paper-based application, approval, and payment processes
- Reconcile data between any documents in a trade transaction to avoid disputes
- Make pre-shipment and post-shipment financing requests
