U.S. Bank is using Bridge Internet Technologies to link financial instruments with shipping data over the Internet.
The bank said it will integrate its export letter of credit software with Bridge's Genius Merchant to automate the creation of international shipping documents. Once Genius receives the letter of credit data, the bank's export clients would be able to create documentation and share the data with trading partners.
Genius also alerts clients to any inconsistencies between the letter of credit and other documents, and is linked with internal processing systems.
Dennis McNeil, president of Bridge, said clients typically save 75% of the automation and communication costs of an international shipment with Genius, "which means the software pays for itself after three to four shipments."