Actrade Launches E-DRAFT Program For International Clients
Actrade Financial Technologies, a provider of financing, payment and processing solutions that enhance B-to-B commerce relationships, has announced the launch of the patent-pending E-DRAFT™ Program, an innovative trade finance program facilitating payment and settlement for international trade activities. Offered through the Company’s subsidiary, Actrade Commerce Ltd., the E-DRAFT Program is, essentially, the international version of Actrade’s E-TAD™ Program. Through the E-DRAFT Program, importers and exporters are afforded ‘the same commercial payment, processing and settlement solutions that domestic companies have enjoyed since 1993,’ the firm said. The E-DRAFT Program utilizes a traditional Bill of Exchange as the payment instrument (similar to the E-TAD used in the U.S.). Importers enrolled in the Program can defer payment up to 180 days. Actrade purchases the Bill of Exchange from the exporter for the face value, less a discount, within two working days from Actrade’s receipt of the importer’s signed obligation to pay.