FNB Corporate Services has launched an Internet service tailored to suit importers and exporters. A new product powered by Internet metamediary TradeWorld.net allows clients of this service the ability to apply for letters of credit online, in what the financial institution says is a first for business-to-business (B2B) exchanges.
Customers can apply for letters of credit quickly, efficiently and securely through a Web-based format. Of principal benefit to FNB clients is the reduced expense traditionally associated with raising a letter of credit, together with a notable reduction in the time taken to prepare documentation for imports and exports.
The move is in line with FNB Corporate Trade Service`s vision to offer its clients tools and applications to facilitate international trade. "FNB Corporate has realised that the move to electronic B2B will require increased service levels for clients and new ways of utilising technology, and achieve both time and cost savings for international traders," says Herman Bezuidenhout, director of FNB Corporate Trade Services.
"This is an example of how TradeWorld`s strategy comes to fruition - working with key industry parties to deliver real online tangible benefits to importers and exporters. Through combining and developing new initiatives we are able to deliver a full suite of online products to international traders," says Sean Emery, TradeWorld`s MD.
"The alliance with FNB is a significant step towards streamlining the electronic trade process, and further enables South African SMEs to enter the new economy`s global trade arena and simplify a potentially daunting process."
TradeWorld`s association with FNB Corporate effectively extends FNB users` international trade drive. FNB is now in a position to offer its international trade clients access a range of international trade content tools and applications, including leads, tenders and business opportunities.
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