Surecomp Launches NetLC™, the Internet-based solution that enables commercial users to initiate Letters of Credit in-house

Surecomp Launches NetLCâ„¢ - the Internet-based solution that enables commercial users to initiate Letters of Credit in-house

London – May 7, 2004 – Surecomp, a leading provider of trade finance solutions for the financial services industry, announced today the release of NetLC, a powerful software product enabling corporate and commercial users to initiate and monitor Letters of Credit (L/C) in-house. Highly flexible and easy to use, NetLC provides corporations with the ability to select the bank at which their self-generated L/Cs should be processed. NetLC facilitates and automates the burdensome task of document preparation.

NetLC includes field-proven multi-banking and electronic data interchange (EDI) capabilities based on cutting-edge Java technology. NetLC can be deployed on different web servers.

"NetLC is clearly a major step forward in the trend toward corporate independence and flexibility," says Paul Thomas, Surecomp’s Director of Global Sales and Marketing. "It’s a perfect example of convergence between the banking and business worlds."

By means of a standard browser, NetLC automates and streamlines the in-house generation of L/Cs, thereby guaranteeing both processing efficiency and highly accurate output. NetLC supports a full range of trade finance modules; including standby L/Cs, amendments, payments and acceptances, guarantees, clean payments, and export collections. NetLC also generates a wide array of inquiries and reports.

Offering three distinct channels of communication – Bolero, FTP and e-mail – NetLC incorporates document preparation and Bolero modules as well as a range of customizable templates.

NetLC further harnesses the power of the Internet by allowing corporate users to move initiated L/Cs through their internal Intranet system. Secondary corporate-location users also can gain access to the initiated L/Cs by means of a sophisticated workflow and hub structure.

"After talking to many national and international corporations and commercial customers worldwide, we developed NetLC." says Paul Thomas. "NetLC is a fully flexible, scalable, and easy-to-learn solution that meets the needs of all corporations, regardless of their trading style."

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