General description

Letters of Credit provide a valuable way to reduce risk, but they have strict and complex document reuirements and are highly susceptible to errors. An estimated 70% of all Letters of Credit submitted to banks

for payment are initially rejected due to incorrectly issued documentation. This rejection can lead to payment delays, additional fees, and even nonpayment of the drawing.

General features

• Minimize staff time spent meeting strict and complex documentary requirements
• Reduce discrepancies due to inconsistent document preparation
• Reduce high error rates due to multiple parties needing to produce documentation
• Reduce fees for issuing and confirming Letters of Credit
• Avoid many associated secondary and penalty fees .