SmartLoC stands short for Smart Letter of Credit. We are an early stage Start-up with a very experienced founders team focusing to solve problems in international trade. To set up new trade relationships for exporters and importers is a time- and resource consuming process causing many unstructured email exchanges over different time zones. This can lead to a lot of misunderstandings between the trading partners, also due to differences in business customs and legislations in different cultural zones. Our collaboration service will help the trading partners to have a common view on the documents at any time of the day in any time zone, reducing the admin burden and the source for misunderstandings and interpretation when setting up trade relationships and contracts.
The level of complexity of administration of Contracts in international trade increases even more, when Letters of Credit (L/C) are involved. The bank-based L/C process exists unchanged since the Middle Ages. It is a manual exchange of paper documents between international traders and their cooperating banks using traditional mail or couriers, therefore it is error prone and gives ground for time- and resource consuming disputes. It takes weeks to be established, is complicated and expensive with untransparent pricing and without any relation to the actual quality of the traded products and their shipment execution.
Our Services focus on
1. a cloud-based collaboration platform that helps exporters and importers to set-up their contracts in user-friendly manner avoiding email communication over different time zones.
2. Online supply chain intelligence by analysing the data from IoT devices tracking and monitoring shipments from the start to the end.
3. Smart Payment service over an escrow account infrastructure, using the IoT data analytics to identify transfer of ownership and payment trigger events as agreed between the parties in the contract. Particular attention will be dedicated to ensuring data authenticity and legally binding processes in order to ensure the highest trust in SmartLoC.
Additional addon services are planned and under discussion with our partner network.