Trade Technologies, Inc.: Streamlining and Automating International Trade Payment Documentation for Banks and Exporters
“Exporters are asking their banks for proven solutions that eliminate paper, reduce risk of nonpayment and provide visibility, control and predictability throughout their financial supply chain,” said Kirk Lundburg, President and CEO of Trade Technologies. “Our patented Trade Platform automates the creation of accurate and compliant trade documents and enables instant delivery of fully electronic original trade documents to banks and buyers. Since 1997, we have processed over $60 billion of export transactions for our customers.”
Our patented Trade Platform automates the creation of accurate and compliant trade documents and enables instant delivery of fully electronic original trade documents to banks and buyers
Trade Technologies’ Platform automates the creation and delivery of complex trade payment documents, including automated mapping of data from SWIFT and other systems into fully customized trade document templates.
The Trade Technologies Platform has supported fully electronic presentations of original UCP 600 compliant trade documents to major trade banks since 2003. Over 80,000 fully electronic presentations of all required originals and copies of all required documents including “e-transport documents,” such as carrier bills of lading, house bills of lading, forwarder cargo receipts and air waybills, have been completed to date.
Trade Technologies’ Platform is a fully managed, cloud-based, Software-as-a-Service (SaaS) product and is built on Microsoft .NET, hosted on the Windows platform, and runs on VMware located at SunGard Availability Services in the United States. Trade Technologies’ Platform can be integrated to exchange data with ERP systems, banks, carriers, buyers and others.
Moving forward, Trade Technologies plans to expand their business by enhancing the connectivity of the product and adding more trade document providers to its collaborative network. “We have a great base of over 1500 exporters and their forwarders, banks and buyers using our solutions. Now we are pushing to integrate all the other parties involved in international trade transactions such as carriers, government agencies, insurers and inspection companies into our network. This inclusive, incremental approach will eventually provide a fully automated and paperless process globally.” says Lundburg. The company, currently has 14 offices worldwide and is planning to open more offices in Asia, South America, Africa and the Middle East to better serve those growing markets.