Internet eLC technology

The letter of credit is a banking mechanism that allows importers and exporters to offer secure transaction terms to each other.

The letter of credit mechanism has been around for a few hundred years and is widely accepted as a standard, proven and widely used system world wide for buyers and sellers.

However, under the current manual system, a lot of time and manpower is needed to process a whole range of documents, like invoice, bill of lading etc.

In addition, these documents are duplicated several times and handed out to all parties involved in the transaction. There is a lot of paperwork to check these documents and the process is time consuming and prone to error.

According to v-lc.com chief technology, the matching process between letters of credit (LCs) and corresponding documents, such as bills of lading and insurance cover notes can be carried out faster with v-Eyeballing (online) reducing the processing time and cost.

A new technology from v-lc.com customized technology is able to perform about 95 to 98 per cent of the matching, the rest being subjective contents for manual viewing.

A normal LC transaction fee can cost up-to US$80, but with v-lc.com, members are charge at a flat rate of US$8 to US$20 per transaction, registration is free and can be done online at
 www.v-le.com 

Usually, it takes between one and four hours to compare original documents, but with v-lc.com technology, it can process well over a million in a day. Logistics and insurance agency can now submit documents electronically.

Using online LCs can mean shortening the length from sales negotiation to arrival of goods due to lesser paper processing and documents delivery time.

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