SovTrade® L/C speeds processing, improves efficiency and flexibility, and reduces errors through a secure, real-time initiation platform. It can help you lower operating cost, make better use of credit, and improve reconcilement of payables.
Sovereign Bank offers secure, real-time L/C initiation from any Internet-connected computer anywhere in the world. If your company has multiple initiation locations such as separate divisions, brands, or buying offices, the SovTrade® Letter of Credit Module is an ideal solution to improve control and increase throughput.
To better utilize your credit limits and control cost, you can easily initiate customized letter of credit applications remotely from subsidiaries, while maintaining centralized control and approval authority in the head office.
In addition to using 128–bit cipher-strength encryption for data transmissions, Sovereign's highly-secure Internet-based system employs leading technologies. These technologies include enhanced protection through access control and authentication by using individual user IDs, passwords, and secure dynamic token card synchronization.
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