PRESS RELEASE

Trade Technologies Completes 40,000th Original Online Letter of Credit Presentation

Global Leader’s Patented Solution Breaks New Volume Threshold

August 23, 2011/AUSTIN, TX—Trade Technologies, the global leader for international document solutions, announced today the successful completion of its 40,000th fully electronic presentation of original letter of credit documents to major trade banks.  Each of these 40,000 presentations contained originals and copies of all required documents, including all types of original third-party “e-transport documents,” such as carrier bills of lading, house bills of lading, forwarder cargo receipts and air waybills.  Trade Technologies’ presentations are fully compliant with the established rules of the UCP 600 and have been honored for payment by hundreds of issuing banks around the world.   In total, Trade Technologies has successfully completed over 115,000 international trade transactions with a total value of over $30 billion since 2003.

Over the last 9 years, 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.  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. 

“Since our founding, Trade Technologies has been the leader in applying automation to letter of credit and other complex international trade 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.  “In 2010  alone, our software and services have helped over 1000 exporters receive payments 15 to 30 days faster on over $9 billion of exports."

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 making a significant contribution to the expansion of U.S. exports.

“Bank of America Merrill Lynch has worked with Trade Technologies since 2003 to receive online presentations of original letter of credit documents in our examination offices around the world,” said Paul Johnson, Director, Global Trade and Supply Chain Product Management, for Bank of America Merrill Lynch.  ”Trade Technologies services and technology automate and accelerate payment on billions of dollars of export transactions to our clients 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, forwarder 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.