To ensure shipped goods and payments for them are in order, trade using letters of credit relies on accurate information being verified and relayed between the consignee, the shipper and their banks.
Today, this information exchange is slow, manual, and risk-prone. Documents are couriered around the world and data is manually verified at every stage. Costly detention and demurrage charges apply if there is a mistake or delay at any step in the process—and lost documents result in painful rework.
TradeLens digitizes and secures the entire end to end letter of credit process and provides unparalleled status visibility for the consignee, the shipper and their banks. The risk of lost documents and courier costs are eliminated and information can be updated instantly if required with a transparent audit trail for all.
Receive payments faster. With a fully digital process, document transfers can occur at the click of a button and not via courier packs which can take up to 10-15 days.
Reduce paper usage and wastage by not having to print out any physical documentation (subject to government and regulatory process requirements)
Free up employee time from annual tasks to more value adding tasks. Using a digital process increases efficiencies and allows your employees to focus on higher value customer service tasks.
Reduces risk of forgery, loss, tampering, due to all documents being recorded and tracked on the blockchain.