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Case Study: Forest Products Exporters Use Trade Technologies’ Software to Automate and Streamline Trade Documentation


Background:
Trade Technologies provides web-based trade documentation software to multiple Forest Products Exporters located in the United States and Canada. These companies are major producers and exporters of lumber, plywood, pulp and paper. Prior to 2010, most of Forest Products Exporters’ products, other than pulp and paper, were sold to the United States construction industry, with exports to Asia and the rest of the world representing a relatively small percentage of their business.

However, following the housing crisis in the United States, sales to the US declined while exports to Asia grew dramatically. To manage payment risk, the Forest Products Exporters sold to Asia under letter of credit terms rather than open account. The increase in documentation and accuracy required for letter of credit (LC) transactions put significant pressure on Forest Products Exporters’ systems, processes and personnel. To resolve these issues and enable further export growth, Forest Products Exporters implemented Trade Technologies’ web-based software system (the “Trade Platform”) for LC and other complex trade documentation.

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Trade Technologies has offices in Atlanta, Austin, Boston, Chicago, Hong Kong, Houston, Istanbul, London, Los Angeles, Mumbai, New York, San Francisco, and Singapore.

About Trade Technologies

Founded in 1999, Trade Technologies (www.tradetechnologies.com) is the largest global provider of trade document services and software. From its offices in Asia, Europe and North America, Trade Technologies provides leading exporters, freight forwarders and international trade banks with trade document solutions, training and consulting.

The Company’s web-based TradeSharp platform and outsourced services enable customers to streamline their operations, save money, accelerate payments, and eliminate discrepancies traditionally involved in international letter of credit, documentary collections and open account transactions. More than 1,500 exporters, global trade banks and freight forwarders depend on Trade Technologies’ services to process almost $10 billion in international trade transactions each year. Globally, Trade Technologies is presenting original letter of credit and other trade documents online to 66 examination offices of 24 banks in 13 countries.

Trade Technologies was named by Silicon Review as one of the “50 Smartest Companies of the Year 2016.” In 2015, Trade Technologies was awarded the Presidential “E” Star Award for Export Services by the U.S. Department of Commerce and was selected by CIO Review Magazine for its annual list of the 20 Most Promising Banking Technology Solution Providers. Trade Technologies was voted the “Best Trade Tech Solutions Company” in 2012 by readers of Trade Finance Magazine. In 2011, Trade Technologies won the Presidential “E” Award for Exports through the U.S. Department of Commerce, the highest recognition any U.S. entity may receive for supporting export growth. In 2010, the Company was awarded a patent on the TradeSharp software platform and process.