QuestaWeb GTM automates letter of credit
-- Manufacturing Business Technology, 3/13/2008 2:12:00 PM
QuestaWeb, which offers Web-based integrated trade and logistics management solutions, says its TradeMaster 4.0.31 Importer and Exporter modules completely automate the letter of credit process as a standard, fully integrated feature of QuestaWeb's global trade management (GTM) system.As more companies look overseas to manufacture their products, letters of credit are a highly important business instrument, providing assurance that manufacturers will collect payment for goods when delivered, and that companies will receive the goods they ordered in conformance with specified business terms. Yet as most companies know, purchase orders change frequently, and every amendment affects a letter of credit.
Since purchase orders can possess multiple lines—and each line may be associated with a separate letter of credit and a separate commercial invoice—the reconciliation process can be staggering, especially for organizations that receive hundreds of invoices per week.
QuestaWeb's letter of credit feature automatically builds and populates every document from system data, performs all financial and compliance reconciliations, issues and transmits amendments, and alerts key parties of missing documents or business terms not satisfied.
Further, the system offers both manual and automated modes for key tasks, and maintains running totals of amounts remaining on each letter of credit after each transaction. The system not only contains a complete history of every change, but also a real-time record of how a company’s money is being dispersed globally.
Says Felix Pekar, COO, QuestaWeb, “Our automated letter of credit feature virtually eliminates errors and discrepancies, and yields cost savings in terms of reduced personnel time, bank fees, and courier charges—not to mention avoided penalties and fees."
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