Wachovia has released CyberImport, a Web-based product for automating letter of credit processing.
CyberImport applies at all stages of the LC transaction process - from issuance/acceptance, through discrepancy resolution, drawdown and final settlement - and features real-time query and response status reports.
Mike Schmittlein, managing director in the international division's global trade services group says the release of the product is in keeping with Wachovia's legacy as the first US bank to offer LC processing over ther Internet. "We consider CyberImport to be a valuable solution for the entire spectrum of companies - from small businesses up through large corporations in a variety of industries - because it allows our customers to take control of both the front and back ends of the LC transaction process."
The new application is the latest addition to CyberSuite, a family of Internet based products designed to allow corporations and trade partners to initiate, manage and monitor trade transactions over the Internet.