WTC Intern
Our “Secrets of Successful Trade
Financing” two day seminar was held on Thursday March 21st and
Friday, March 22nd at the WTC Offices. Attendees came from as far away as Georgia and represented vastly different industry sectors.
Richard
M. “Chip” Thomas lead the discussion on behalf of the American Export Training
Institute. Mr. Thomas spent 22 years in
international banking, specializing in international trade and finance, which
led to extensive international travel; including a 2 years assignment working
and living in Mexico. During his banking
career, Mr. Thomas developed a skill in training, and was responsible for
International Product and Service Training for Mellon Bank’s customers and
employees. Chip left the banking
industry in 1995 to pursue his interests in training by helping to establish
the American Export Training Institute, which provides practical training in
export finance to corporations and financial institutions throughout the U.S.
and Canada. Today, Chip travels the
country speaking and training individuals on the best practices and procedures
of international finance.
The numerous topics discussed included:
-
Foreign Trade Procedures
-
Letters of Credit
-
Bills of Lading
-
UCP 600
-
International Payment Procedures &
Terminology
-
Defining Payment Terms
-
Insurance Basics
-
Role of the Freight Forwarder
-
Dealing with Discrepancies
-
Drafts and Acceptances as Financing Tools
-
Diagrams and Flow Charts
-
International Standard Banking Practice
-
Alternatives to Letters of Credit
…and much more!
Great advice was given by all who attended and there were
many stories shared. We all learned something new from our colleagues, whether
it was how to handle Letters of Credit or the many details of INCOTERMS options.
