Umpqua Bank, a subsidiary of Umpqua Holdings Corporation (NASDAQ:UMPQ), has teamed with China Systems USA & Canada (China Systems), a supplier of trade finance systems, to offer its international banking customers the latest in automated trade finance technologies.
Umpqua's International Banking Division recently completed the installation of an integrated system that automates and audits the complete cycle of trade finance transactions. Additionally, the bank has released its Umpqua Online Trade Services, which provide expanded trade finance functionality for Umpqua Bank customers, including 24-hour online access to letters of credit and outgoing documentary collection services.
The addition of these technologies enables Umpqua Bank to offer heightened flexibility, automation and integration options to businesses engaged in international trade. The systems ensure that Umpqua customers have access to the easy, consistent and rapid exchange of internal and external trade finance data, backed by the highest levels of security and accountability.
"International trade is increasingly important for small- to mid-size businesses, yet it also presents a number of obstacles in respect to securing and managing finances for these businesses," said Anthony Oriti, senior vice president and managing director for Umpqua Bank's International Banking Division. "By partnering with China Systems, we are able to deploy the leading trade finance technology solution and ensure that Umpqua customers have access to high-quality, secure international banking services when and where they need them."
Umpqua Bank Ramps Up Trade Finance Systems:
* CS Eximbills: Using this integrated China Systems solution, Umpqua Bank is able to automate and audit the complete cycle of trade finance transactions, in real time and in accordance with UCP (Uniform Customs and Practice) standards. This system seamlessly interfaces with SWIFT (Society for Worldwide Interbank Financial Telecommunication) and covers all the standard processing requirements for: import/export letters of credit, standby letters of credit, documentary and clean collections, shipping guarantees, international payments, and trade finance loans.
* Umpqua Online Trade Services: This service provides extensive trade finance functions for Umpqua Bank customers around the clock, seven days a week. Umpqua clients using Umpqua Online Trade Services can expect accurate and fast same day application and issuance of their letters of credit. Principal functions include the ability to input, authorize, release, re-issue, update, and amend letters of credit, export letters of credit, guarantees, payments and collections. Umpqua Online Trade Services also offers up-to-date reporting on issued and outstanding letters of credit and allows customers to view historical transactions as well as to send and receive trade finance transactions with minimal effort, maximum speed, and ultimate security.