First Letter of Credit Executed Online through LCconnect

PPG Industries successfully executed a $30 million standby letter of credit using the LCconnect platform, with nine U.S.-based banks and six foreign banks invited to bid on the transaction. Through the LCconnect system, companies can run a negotiated reverse auction with their relationship banks, ultimately awarding their LC business to any of the participating banks. The value of the letter of credit market is estimated at $1.5 trillion globally, with the U.S. market accounting for approximately one-third of total outstandings.


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