UPS LAUNCHES ONLINE FINANCIAL TOOLS FOR U.S., CANADIAN SHIPPERS
UPS Capital Corp., the financial services arm of UPS, said Friday is launching global trade finance system, ExchangeLane, for U.S. and Canadian shippers.
The company has introduced two products, Letters of Credit Services and Export Receivables Service, which will be available to UPS clients through ExchangeLane, the new online trade finance system.
Letters of Credit Services will allow shippers to automate the management of their trade finance needs by creating, financing and managing letters of credit for import and export.
Export Receivables Service is targeted toward exports who can benefit from selling internationally on open-account terms. Under this service, UPS Capital Global Trade Finance, inter international trade finance group of UPS Capital, provides exporters with risk mitigation, collection and accounts receivable financing.
Letters of Credit Services will be expanded to other countries, UPS said. Export Receivables Services is already available in Hong Kong and will be expanded to the United Kingdom and Taiwan.