UK bank Lloyds TSB has licensed technology from France's Neamoligoc to offer trade finance services via the Internet.
Lloyds TSB Bank is using Neamologic's Global Trade Portal to provide its customers with a full-featured Internet-based console for the on-line management of their letters of credit, standby LCs, collections, guarantees and the underlying documentation. The portal has been integrated with the bank's internal back office system and can be hooked up to corporate logistics and purchasing systems.
The first phase of the implementation has been completed with the service going live in the UK under the brand "Lloyds TSB Online Trade Services". Future deployments will also include the bank's international branches.
The Global Trade Portal package has already been widely implemented by French banks such as BNP Paribas, Calyon, Credit Lyonnais, Natexis and Societe Generale.