OVERSEAS UNION BANK TO PARTICIPATE IN CCEWEB @GLOBALTRADE PILOT

OVERSEAS UNION BANK TO PARTICIPATE IN CCEWEB @GLOBALTRADE PILOT

   Overseas Union Bank, the fourth-largest Singapore bank and fifth-largest commercial bank in Southeast Asia, has agreed to participate in the pilot of CCEWeb's @GlobalTrade secure payment and trade management system.

   CCEWeb will provide technology, software and legal framework for handling electronic documentary credits including presentation of electronic documents. Dresdner Bank AG will act as documentary clearance center for the pilot, providing documentary compliance services.

   @Global Trade allows documentary credit to be issued and advised over the Internet, eliminates the need to pay cash in advance for purchases, abolishes delays in discrepancies in paper-based processing, and allows real-time tracking of the entire transaction process online, CCEWeb said.

   OUB's corporate customers participating in the pilot will be allowed to invite their freight forwarders, carriers, customs brokers, insurance companies and other trade service providers to participate, CCEWeb said. The pilot is scheduled to run from May to August with international importers, exporters, trade service providers and financial institutions participating.