A Letter of Credit (LC) Specialist manages international trade finance to ensure secure payments and mitigate supply chain risks. He coordinates with banks, logistics, and procurement department to draft, negotiate, and execute Letters of Credit for heavy raw material imports or equipment purchases and spare parts procurements.
Document Scrutiny: Thoroughly review shipping documents (e.g., Bills of Lading, Commercial Invoices, Certificates of Origin, and packing lists) to guarantee 100% compliance with LC terms and conditions
Discrepancy Resolution: Collaborate with freight forwarders and suppliers to fix document discrepancies to avoid payment delays or banking penalties.
Regulatory Adherence: Ensure all trade transactions comply with international trade regulations and the International Chamber of Commerce (ICC) rules, such as UCP 600 etc
LC Administration & Bank Coordination:
LC Issuance & Amendment: Draft, issue, and amend Letters of Credit in coordination with the company’s corporate banking partners.
Negotiation & Settlement: Act as the primary point of contact for advising, confirming, and negotiating LC payments with issuing and advising banks.
Record Keeping: Maintain a meticulous filing system of all LC applications, amendments, and related correspondence for corporate audits.
Risk Management & Cost Control:
Risk Mitigation: Collaborate with financial institutions to secure payment guarantees, protecting the company against buyer default or supplier nondelivery.
Cost Analysis: Track LC bank fees, confirmation charges, and interest rates to optimize trade finance costs.
Requirements
Education: A Bachelor’s Degree in Finance, Accounting, International Business, or Economics.
Experience: 6 – 9 years in trade operations, corporate treasury, or international Operations of any reputable banking
Certifications: Specialized qualifications like the Certified Documentary Credit Specialist (CDCS) or Certificate in International Trade & Finance (CITF) are highly preferred
Industry Knowledge: Deep familiarity with international trade laws and ICC rules, specifically UCP 600 (Uniform Customs and Practice for Documentary Credits) and ISP98. CBN Trad Portal, etc.
Technical Skills: Proficiency in financial tracking software (e.g., Trade360, Loan IQ, AFS) and SWIFT messaging.
Certifications: Professional credentials such as the Certified Documentary Credit Specialist (CDCS) are highly preferred
Essential Soft Skills:
Exceptional attention to detail to spot minute discrepancies in lengthy financial documents.
Strong communication skills for coordinating between buyers, sellers, and advising banks across different time zones.
High analytical and problem-solving abilities to navigate ambiguous or complex transaction bottlenecks.
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