benefits  

Zinum constantly works to find new ways to reduce the cost of export L/C presentations

Lower Cost

If you currently pay $200.00 per L/C document submission, switching to Zinum will result in a savings of almost 50% depending on any out-of-pocket expenses associated with the transaction.

Greater Efficiency

Zinum reduces the time it takes for banks to generate and examine L/C documents. Documents emailed to negotiating banks do not require special printer handling before they can be examined/negotiated.  Zinum’s documents don’t require bank personnel to make additional copies of the documents or take special actions to generate the documents. When documents are submitted, they are formatted to print in the number of originals and copies required, front and back with necessary endorsements, immediately when the “print” button is pushed on the bank's computer. This gives the banker more time to focus on examining documents and less time generating documents to examine. Document examiners also benefit from the “L/C parties” document sent with each submission. This document lists all parties to the transaction (names and addresses). The document examiner can copy and paste the names into their OFAC checking system instead of manually entering each name and address. Making work a little easier for document examiners is part of what makes Zinum different.

Better Communication

Letters of Credit advised electronically can be easily distributed throughout the exporting company. One copy can go to credit, one copy to order management, one copy to shipping, one copy to the sales agent, etc...  All of the parties can collaborate on the terms and conditions of the L/C before shipping.  All parties can work on their part of the L/C at the same time and communicate about the L/C while viewing a legible copy.

This can be done without one individual making copies or faxing the L/C to the different parties.  Instead, the copy of the L/C can be sent to an established email distribution list. Electronic copies of L/Cs make it easier for departments and individuals to collaborate on the different aspects of the transaction with everyone on the same page. The same is true of L/C amendments advised electronically to the beneficiary. It is almost impossible to lose a copy of the electronic L/C. It is always available online to download. The original L/C is held at the counters of the advising bank.

Zinum should always be included on email L/C distribution lists.  Zinum can help exporters work through different issues associated with the export process.  Most letters of credit follow a standard structure that can be easily evaluated if approached properly.