Helping account holders conduct secure business with foreign customers and suppliers
LOWELL, Ark., —In today’s global economy, many businesses including small and medium-sized companies, are increasingly doing business with customers or vendors outside of the United States. In order to meet the growing demand for international services, Arvest Bank has expanded its services to include a comprehensive international banking division in order to help customers.
The Arvest International Banking Department provides personalized services to bank customers, including: import and export letters of credit, international trade finance, international treasury management and documentary collections.
“Our mission statement is focused on helping our customers find financial solutions, and we really do not want to have geographic boundaries on the solutions we provide.
We want our customers to be confident in services they have available for international needs,” Marta Morrow, Arvest International Banking Department manager, said. “By offering international services, we are able to expedite their transactions globally to meet their changing world.”
According to a U.S. Commerce Department report, small to medium-sized businesses make up over 95 percent of the exports from the United States. “As technology continues to increase the ability for a company to work on a global level, many small businesses are growing in that direction and are in need of international services,” Morrow said. “We are able to help companies of any size, but we’ve found that smaller companies are especially in need of international services, such as letters of credit.”
One of the most common international methods of payment is letters of credit, which are used by importers and exporters. Arvest Bank now has the local capability to offer companies importing and exporting goods the ability to use letters of credit to secure their international transactions as well as the use of other methods of payment.
Arvest is a member of SWIFT (Society for Worldwide Interbank Financial Telecommunication). SWIFT is a telecommunications system used to communicate in an authenticated and secure manner with all banks that belong to the SWIFT network.