California-based City National Bank has launched its Online Letters of Credit (OLC) service for clients who conduct business overseas.
Using OLC, clients can apply for letters of credit and request amendments to issued letters. They also can view the terms of issued letters and receive correspondence and debit/credit notes.
Mark Mayers, senior vice president and manager of City National's international division, says: "While our clients always have the option of dealing directly with their branch or relationship manager, City National Online Letters of Credit provides a quick and reliable, Web-based alternative that fits their busy schedules."
The solution uses sophisticated encryption technology and multi-level log-on protocols. These can be tailored to a client's individual needs and ensure that the OLC service is safe and secure, says the bank.
Templates enable clients to simplify the process of filling out applications and amendments. Because letters of credit applications are sent electronically, delays caused during the mailing process are eliminated.