SmartLoC

Smart Letter of Credit

SmartLoC is disrupting the Trade Finance Market through Smart Use of IoT Technology

We are a diverse and international founding team with the vision to develop an innovative and digital service for the support of the international trade from our base in Schleswig-Holstein, near Lübeck. SmartLoC’s focus lies in supporting importers and exporters by monitoring their shipments through the use of an innovative Supply Chain Visibility and Transparency service, while simultaneously supporting them with an advanced payment services for their transactions. Where the currently used traditional bank-based Letter of Credit (LC) process is expensive and error prone, SmartLoC aims to substitute this through the use of IoT tracking devices, from the start of the shipment until its destination, collecting crucial sensor and tracking data. This IoT data will be matched to the agreed contractual terms, including product quality, quantity, location, documentation and time. At the agreed event of ownership transfer an automated payment trigger service will release the payment of the importer from the escrow account managed by SmartLoC to the exporter.

"The bank-based LC is a service offered by banks since the middle ages - going back to roots of the Hanse, which has its capital in Lübeck. It is now time for SmartLoC to digitise this process and to start the aera of the digital Hanse." - Britta Balden, founder of SmartLoC GmbH