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The challenge
Woodward L’Orange, a leading German engineering manufacturer, ran their trade operations on paper.
High volumes of paper-based letter of credit presentations meant long delays between the on-board date and the moment documents were actually processed at the negotiating bank. That created inefficiency, drove up costs, and held back the company's ability to accelerate payment.
In 2019, they started moving from all-paper transactions to digital presentation.
The Solution
Trade Technologies introduced the TradeSharp™ platform and our expert services, and rebuilt how Woodward handled documents.
By automating and digitizing the entire trade finance data and document exchange between exporter and negotiating bank via the TradeBridge API, we cut the time and cost of traditional letter of credit presentations.
Woodward integrated their ERP system with TradeSharp™ to automate data exchange and give their regional treasury team visibility across global transactions. Their banks connect through the same platform, managing original and copy documents in both paper and digital form. Third-party partners — logistics, suppliers, insurance, inspection, government — exchange data and documents through TradeSharp™ too.
The Impact
The delays and inefficiencies of paper-based presentation are gone.
Payment cycles accelerated, which brought savings on interest. But the gains ran wider than that: lower costs, better operational agility, and stronger compliance with letter of credit requirements.
Digitalization has also strengthened Woodward's competitive position — better relationships with international partners, and room to explore new avenues for growth.
100%
Online and compliant documents
↓22%
Reduction in Trade Receivables
↓3 days
Decrease in DSO (Days Sales Outstanding)
- Complete transition from paper to digital presentation between 2019 and 2023
- Accelerated payment cycles and savings on interest payments
- Stronger compliance with letter of credit requirements
- Improved operational agility
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