Integrated Web-based Letter of Credit System: Today’s Opportunity, Tomorrow’s Urgency

Parallel growing application of the Information and Communication Technology (ICT) in the Economy provide access to International markets for Enterprises, than anytime. International trading parties, mostly choose the Letter of Credit as the method of payment. Despite the importance of documentary credits in today’s international trades, progress of the opening and act of these kinds of credits are mainly paper base. However, with the vast advancement of information technology, the Letters of Credit existing systems can be made electronic. And taking advantage of this new electronic system, organizations functioning in these areas can have huge benefits. This article reviews the available resources of the existing system of L/C, and then introduces web-based systems and ERP tools. Hence, the web-based Letter of Credit system integrated with ERP tools in accordance with the needs and characteristics of the existing Letter of Credit system will acquaint and finally this article mention the benefits of applying E-LC.

Web-based L/C system, ERP, International commerce