A new way of processing and submitting documents for payment under export documentary letters of credit.
More and more banks in the U.S. now offer an electronic option to beneficiaries for receiving their Export Letters of Credit. Instead of mailing or sending the L/C via courier, the bank makes it available to the beneficiary on its website for downloading in an electronic format, or they email the L/C to the beneficiary.
Zinum was established to make use of the increase in electronic advising of Letters of Credit. Using the electronic version of the letter of credit, Zinum converts the L/C information directly into documents for L/C submission.
The result: Zinum submits all necessary L/C documents, discrepancy-free, back to the advising bank electronically the day the order ships at the lowest cost to the beneficiary.