To support your international business activities, Signature Bank offers Commercial Letters of Credit, Standby Letters of Credit, Documentary Collection and Banker’s Acceptances, with processing support and infrastructure provided by international banking leader, Bank of New York. These core trade products are complemented by our online management tool, Monogram Trade Finance, which allows you to apply for and effectively monitor each of Signature Bank’s trade finance products via the Internet. To learn more about specific trade finance solutions compatible with your needs, please contact your Signature Bank representative or call Client Services toll-free, 1.866.sigline.
As an internationally recognized financing instrument, a standby letter of credit serves as an assurance that you will fulfill your obligations under a contract. Standby letters of credit can be used to support a number of situations including lease security, payment to a supplier, support of workers’ compensation, or industrial revenue bonds. The duration of a standby letter of credit is typically valid for one year with annual renewals on the anniversary of each expiration date. Of course, standby letters of credit can vary in their design depending on your specific business needs and the needs of the beneficiary.
A commercial letter of credit can help you drive successful international business transactions. If your business imports goods from abroad, you can assure a supplier receipt of payment and compliance with documentary requirements through the issuance of a commercial letter of credit. As the issuing bank, Signature substitutes its credit on your behalf, guaranteeing timely payment to a beneficiary so long as certain conditions are met as outlined in the commercial letter of credit. Using this device, Signature will essentially “step into your shoes” as the buyer to guarantee payment to the seller.
As an alternative to establishing a commercial letter of credit, documentary collections allows you to engage in the secure exchange of goods without the detailed requirements of opening a commercial letter of credit. Using documentary collections can help you reduce costs and defer payments.
An excellent trade finance tool for high-volume users of standby and commercial letters of credit, Monogram Trade Finance provides you with the ability to initiate action on commercial letters of credit, review reports, and inspect payments. Multiple users, with varying levels of secure access (controlled through the use of secure ID cards) can request commercial letter of credit amendments, obtain reports, and access audit trails to help manage your international business more effectively.
- Provides secure balance reports and records of new commercial letters of credit to help you manage and track exports, as well as expedite your overseas shipments and payments
- Provides secure Internet access to create, verify, cancel, release and delete credit requests
- Segregates access by function among multiple users
- Allows users to view “work in progress report”, “summary report” and/or “L/C history reports”
- Offers seven years of data retention
- Provides access to document images including cover letters, commercial invoices, forwarders cargo receipts, and more