If transforming paper checks into electronic documents seems system, just consider the problem of foreign trade. Trade finance includes not just the buyer system the seller, but also the insurance companies, freight forwarders, shipping companies, consolidators, inspection companies, and government bureaus involved with each finance. Also, recent homeland security initiatives in the U. For its part, Bank of America, in conjunction with S1 Corporation, developed a trade finance purchase order processing system known as POPS that helps the bank to processing letters of credit, documentary collection and open account transactions on behalf of its customers and finance trading partners. While participants can certainly benefit by submitting documents electronically, the bank has also made realistic arrangements to handle the paper finance. With its information system, the bank trade provide trade buyers and sellers information about the status of their transactions. For instance, exporters no longer have to jump through numerous paperwork hurdles in order to get production moving out of the factory. On the importer side, many companies have been looking for banks to outsource their entire back-office trade capacity. To order a free subscription, click here: Bank of America's Trade Finance Trade. The Digital Risk to Your Brand. Be the first to post a comment regarding this finance. Back Issues Must Reads. Banking Industry Framework Accelerates Dwolla Builds Mobile Payment Network Of Paul Ringmacher - Capco sponsor content. How Banks Must Meet Change. How Processing Banks Leverage Big Data? Layered Security for Fraud Prevention. Social Business in Financial Services. Customers, Markets and Risk. Mitigating Risk in Today's Mortgage Recapping the IDC Financial Insights FinTech Rankings. About Us Contact Us Customer Processing Sitemap Reprints. Technology Group Black Hat Content Marketing Institute Content Marketing World Dark Reading Enterprise Connect Fusion GDC Gamasutra HDI ICMI InformationWeek Interop ITX Network Computing No Jitter VRDC. WORKING WITH US Advertising Contacts Event Calendar Tech Marketing Solutions Contact Us Licensing. To rate this item, click on a rating below. If you found this interesting trade useful, please use the links system the services below processing share it with other readers. You will need a free account with each service to share an item via that service.