Products: CreditGen Overview
By using CreditGen banks all over the world can truly grant every customer and every clerk decades of in-depth experience, and improve international-trade services.
The Letter of Credit Challenge
A Documentary Letter of Credit (L/C) is an efficient and widely used mechanism for carrying out international trade transactions. The use of documentary credit helps minimizing financial and political risks, and constitutes a mutual trust platform for the trading parties.
The process for opening a documentary credit begins with filling out a complex form that requires accuracy and compliance to stringent rules. A L/C application that does not adhere to these rules, or one in which the information includes logical contradictions, exposes the parties to business risks, and exposes the bank to lawsuits in respect of damage incurred. A deficient application delays the business process and causes both problems of trust between the customer and the bank, and obstacles along the road to realizing the deal.
While banks do have circles of protection that will usually not carry out erroneous L/C applications, the implementation of these circles of protection involves the investment of time and money, as well as waiting to the stage of transferring the data between the bank's branches and its international trade department. Many years of experience and in-depth knowledge are required in order to prevent the existence of mistakes already at the early stage of filling out the application form, in the presence of the customer and clerk.
The CreditGen Solution
CreditGen is a unique expert-system that provides a solution for this critical stage, by means of decades of experience and knowledge in the domain of documentary credit, which have been "translated" into a user-friendly, modern and efficient computer system. CreditGen provides an overall response to the following needs:
- Compliance with the uniform customs and practices published by the ICC (International Chamber of Commerce), complying to the rules even when they are not adhered to on the part of the customer or on the part of the clerk handling the application
- Preventing logical mistakes in the process of filling out the application (incompatibility between the values in various fields, compliance of relevant information in the form to a certain price-base, compatibility of the documents required under the laws of various trade zones, and so forth)
- Simple explanations about every field in the application form, in English (or any other required language), including a built-in option of unique customization to the bank's standards
- A printout of the application using a uniform template (in the style currently in use at the bank), improving the bank's representability and the readability of the data, and reducing the margin of error that exists in handling hand-written forms down to a minimum.
- L/C applications cloning: the possibility of opening new applications based on the particulars in an application saved in the database, in the case of similar deals on the part of a regular customer.
- Efficient management of the collection of saved applications, including search and archive tools.
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