The Central Bank of Nigeria recently launched the automation of the export process in Nigeria through the Trade Monitoring System (TRMS). The TRMS is positioned to reduce the length of time required to process export documents from one week to one day. This is a move by the CBN to promote non-oil exports in the country.
Union Systems in line with our delivery of all local trade finance requirements have extended the functionality available on Trade-X™ to cater fully for the automation of the new export process to help Nigerian banks comply effectively with the TRMS. This will ensure a seamless and effective end to end Integration to the TRMS. The full process of the export automation has been grouped into four major actions:
- Creation of NXP Details
- NESS Fee payment
- Export Shipping Document
- Repatriation of Funds.
Trade-X™ is an international trade finance software that delivers unique functionalities missing in most international trade finance systems to meet the requirement of the Nigerian market. Trade-X™ enables clients (banks) manage and report on international trade finance operations. It encompasses a range of trade finance activities including trade warranty forms, custom duty payments and remittances, shipping documents, funding instruments (Bids, Form Q), Export Shipment, Export Repatriation, Interest Distribution, Offshore Charges, Unutilized Balance, matching of MT103 and MT910, Exchange Control Documents (ECD) and Pre-Assessment Arrival Report (PAAR).