The Royal Bank of Scotland said it will use Trade Technologies’ global trade management (GTM) software to receive online presentations of trade documents from exporters.
Trade Technologies, which provides international trade documentation services, said its GTM will automate the process of delivering original UCP 600 compliant letters of credit via the Internet to major global trade banks. The company said combining this with its document preparation services allows companies to eliminate discrepancies, speed up reporting, and lower costs.
Deborah Seliski, RBS’s director, said the bank hopes to use the GTM platform to help clients reduce their days sales outstanding. It expects to roll out the offering slowly to customers, but will eventually offer the service to all exporters among its 30 million global customers.
“We are delighted that RBS will use our platform to automate the presentation of trade documentation,” said Kirk Lundburg, chief executive officer of Trade Technologies. “We do this for over 1,000 customers on nearly $9 billion of transactions each year and they all see significant improvements using our solutions.”
Since its founding in 1999, Trade Technologies has completed more than 40,000 electronic presentations of original letters of credit to major trade banks and has processed over $40 billion of international trade payments.
RBS automates some trade documents
