Bank of New York releases letter of credit system

Bank of New York releases letter of credit system

The Bank of New York has announced the release of its import letter of credit software BNY Trade Workstation.

The bank says BNY Trade Workstation allows importers to manage the banking aspects of their international trade business and access information concerning letters of credit.

The Java-based system is designed to enable customers to input and transmit applications and instructions for letters of credit, to monitor activity and to generate reports via the Internet.

In addition, the product integrates with ERP systems through Fast Processing, provides access to document images and can be used for purchase order processing.

Howard Bascom, managing director, head of Bank of New York's global trade financial services division, adds that BNY Trade Workstation can be privately labelled for bank customers, who can offer it to their corporate customers under their own brand.

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