Current State & Problems
International trade means buyers and suppliers exchange goods and money. In the exchange process, multiple banks stand in the middle to make sure that money and goods are transferred successfully. Issuing and advising Letter of Credit is a part of the process. Banks, buyers and suppliers need to share some documents and information with each other for issuing and advising Letter of Credit.Due to required coordination and paperwork in the current Letter of Credit (LC) issuance process, it is time-consuming and costly. Also, those partners (banks) are from geographically separate places and they need reconciliation to execute transactions. Different banks use different infrastructure which are not compatible at all. Customer account management is inefficient and in some cases still manuel.Real time account status is hard to track. As a result, it is expensive and long lasting process which causes poor customer experience.