Online L/C Product Launched for B2B International Trade
By Chris Horner, Editor
IOMA's Report on Managing Exports

July 2000

New York-based ec-Finance.com (ECF), a developer of Internet-based international trade products, has launched an online Letter of Credit service “FastLC for B2Bs.” The service provides each of the parties to an L/C access to the ec-Financ.com online database.

14 Steps

With the ECF system, buyers and sellers met on a B2B exchange and agree to terms. Using ECF partner banks, they can manage the L/C process entirely online. Terms are conveyed to ECF. Here’s how the 14-step process works:

1. Buyers and Sellers meet on a B2B exchange, usually a Web site such as Commodinet.
2. Buyer reviews merchandise offered and identifies merchandise desired.
3. Buyer and Seller agree to price, delivery, and terms.
4. A sale transaction is completed.
5. Transaction details are passed to ec-Finance.com.
6. ECF prepopulates the L/C application with transaction data.
7. Buyer completes the remaining L/C data.
8. Buyer selects executive bank from ECF bank partners.
9. ECF passes the data to the bank.
10. Bank receives and reviews application. If OK, bank sends wire instructions to buyer.
11. Buyer wires funds to bank.
12. Bank issues L/C to initiate payment (contingent upon term compliance) to seller.
13. Buyer and seller are e-mailed status of L/C.
14. Buyer and seller monitor L/C status via Web site.

Export managers interested in using the system for their company’s L/C needs can contact ec-Finance.com at 212-532-6184; fax: 212-532-6137; email: info@ec-Finance.com; Web site: www.ec-Finance.com.

Copyright (c) 2000 IOMA's Report on Managing Exports. All Rights Reserved.

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