Best bank site for trade finance: ABN Amro – MaxTrad
ABN Amro was one of the first banks to launch a trade-finance portal in 1998 when the site was predominantly US focused. It has since developed global coverage.
The MaxTrad portal splits into two main areas: the MaxTrad letters of credit (LC) module, and the MaxTrax tool for monitoring the status of transactions. AllTrade, the open account management tool, will be added to the portal early next year.
MaxTrad enables importers to initiate LCs online. Once the bank approves the transaction, it issues the LC for the client. The process is as automated as possible to make it more efficient. By using the site, mistakes are reduced and ultimately corporates have receivables paid more quickly.
Special services are available for importers, such as screens that show evidence of shipment. Within the LC application the client can add purchase order details that enable the importer to specify which goods it has ordered and to see which goods have been shipped and received. The site also provides online payment initiation.
The platform offers applications enabling users to view, for example, new LC activity, advice and payment details. For exporters there are email alerts for the arrival of any requested advice, amendments and payments.