Update at a Glance

March 25, 2009

Online Trade Document Presentment Designed to Speed Exporter Payment Receipt

The Bank of New York Mellon Treasury Services' Trade exporting clients are now able to present full sets of letter of credit documents electronically to The Bank of New York Mellon. The Web-based image presentment application — offered as part of an alliance with Trade Technologies, Inc., a leading global document preparation firm — is designed to provide exporters with greater time and expense savings, as well as earlier payment receipt.

As an integral part of their cross-border business efforts, exporters prepare and present trade documents with letters of credit to acceptable negotiating banks. Negotiating banks determine if the documents are compliant, and if so, effect payment — typically after reimbursement by the issuing banks. With the ability to electronically present and negotiate these trade documents, Bank of New York Mellon clients can now speed the entire trade finance process for accelerated payment.

According to Howard Bascom, head of Global Trade Finance for The Bank of New York Mellon Treasury Services, "Our alliance with Trade Technologies represents another step toward the automation of the global financial supply chain. While not all trade documents may be rendered for electronic presentment today, we are gradually breaking down the barriers toward complete acceptance of computer-to computer exchange of trade information."

For more information, call us at 1 800 424-3004 (Option 2) or e-mail us at treasury@bnymellon.com.