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Comparative Timelines on Manual LC Doc Check and Automatic LC Doc Check

02 June 2025 Be the first to comment

Souvik Chakraborty

Product manager and SME

Veefin Solutions

The Future of LC Processing is Automation.
While manual LC processing is still prevalent in some regions, the shift toward automation is inevitable.

Key takeaways
I. Automation reduces processing time by 60-80% (McKinsey).
II. AI-driven discrepancy detection cuts errors by over 90% (Deloitte).
III. Cost savings from automation can reach billions annually (EY, PwC).

Banks and corporations that adopt automated LC systems will gain a competitive edge in trade finance, ensuring faster, more secure, and error-free transactions

https://www.linkedin.com/feed/update/urn:li:activity:7335160951878356992/

Step	Task Description	Manual LC (Avg Time)	Electronic LC (eLC) (Avg Time)
I	Receive and log shipping documents	0.5–1 business day	0.25–0.5 business day
II	Document scrutiny (UCP 600 compliance)	1–2 business days	0.5–1 business day
III	Discrepancy handling with beneficiary	1–2 business days	0.5–1 business day
IV	Legal/risk department review (if required)	1–2 business days	0.5–1 business day (if needed)
V	Final approval and payment release	1 business day	0.5 business day
	Total Estimated Time	3–7 business days	1.5–3 business days

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Souvik Chakraborty

Product manager and SME

Veefin Solutions

Member since

17 Feb

Location

Kolkata

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