QuestaWeb now automates the letter-of-credit process as a standard, fully integrated feature of its TradeMasterQW version 4.0.31 global trade management system. The new feature is available in the ImporterQW and ExporterQW modules of the software. Current customers will be able to automatically upgrade their modules to include this functionality at no additional charge.
QuestaWeb's letter-of-credit feature allows importers to manage and control the process from start to finish. As part of TradeMasterQW, the feature automatically builds and populates documents from system data, automatically performs all financial and compliance reconciliations, issues and transmits amendments, and alerts key parties of missing documents or business terms not satisfied. The system also maintains running totals of amounts remaining on each letter of credit after each transaction. In addition, it contains a complete history of every change and a real-time record of how a company's money is being dispersed globally.
Additionally, because the TradeMasterQW global trade management system is Webbased, banks can access the associated document binder at a company's discretion or utilize electronic data interchange, eliminating the need for paper document exchange.
The automated letter-of-credit feature virtually eliminates errors and discrepancies.
Company: QuestaWeb Inc.
Company URL: www.questaweb.com