This patent confirms Trade Technologies as the leader in applying automation and proprietary business process improvements to letter of credit and other international trade payment transactions globally.
Austin, TX (PRWEB) October 14, 2011
Trade Technologies, the global leader in international trade document solutions, today announced the issuance of US Patent 7,835,971 covering the company’s technology and process for streamlining the creation of error-free trade documents and providing electronic delivery of original letter of credit and other complex trade documentation for payment. In 2010, Trade Technologies’ software and services helped over 1000 exporters receive payments 15 to 30 days faster on over $9 billion of exports.
Trade Technologies’ patented technology and process has dramatically changed the letter of credit world by automating the creation of all required documents directly from SWIFT advised letters of credit and enabling secure electronic presentations of original UCP 600 documents to major trade banks for payment. When compared to traditional methods, this far more efficient process allows exporters to streamline their operations, eliminate discrepancies, save money and accelerate payments. Trade Technologies’ flexible architecture and service offerings allow it to complete transactions under the established UCP 600 requirements and also the less proven e-UCP.
“This patent confirms Trade Technologies as the leader in applying automation and proprietary business process improvements to letter of credit and other international trade payment transactions globally. We are singularly focused on helping our exporter customers grow their international business by reducing payment time and risk,” said Kirk Lundburg, CEO of Trade Technologies. “Over the last 9 years we have helped exporters collect payment on over $30 billion of trade transactions. Of those transactions, over 40,000 were delivered entirely online through our patented technology and processes.”
Trade Technologies’ patented business solution includes its web-based international receivables management platform which provides workflow and controls the receipt, creation, approval, and distribution of letter of credit and other complex international receivables documentation. Additionally, the platform provides a secure and reliable means of presenting such transaction information online to banks, customers, and service providers. All patented methods and systems enable transaction documentation and data to be verified as compliant with the UCP 600. Real-time trade receivables reporting and business intelligence enables exporters to accelerate payment, manage costs and reduce risk.
Earlier this year, Trade Technologies was awarded the Presidential "E" Award for Exports by the U.S. Department of Commerce. The "E" Awards are the highest recognition any U.S. entity may receive for supporting export growth.
Trade Technologies was founded in 1999. Over 1000 exporters, global trade banks and freight forwarders rely on Trade Technologies' software and outsourced services to process over $9 billion dollars in international trade transactions each year.
Trade Technologies has offices in Atlanta, Austin, Boston, Chicago, Hong Kong, Houston, Istanbul, London, Los Angeles, New York and San Francisco.
About Trade Technologies
Trade Technologies is the largest global provider of outsourced trade document services and software. From its offices in Asia, Europe and the United States, Trade Technologies provides leading exporters, forwarders and international trade banks with international trade document solutions, training and consulting. Our solutions seamlessly connect our international trade documentation professionals around the world with exporters, forwarders and international trade banks to eliminate the difficulties, unnecessary expenses and delays traditionally involved in international letter of credit, documentary collections and open account transactions.
See our website http://www.tradetechnologies.com.
Trade Technologies, Inc
(512) 327-9996 Ext. 102
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