WACHOVIA, CCEWEB TO LAUNCH @GLOBALTRADE
Wachovia Corp. and CCEWeb Corp. will work together on the pilot of @GlobalTrade Secure Payment and Trade Management System.
Under the agreement, Wachovia will participate as a credit-issuing bank. CCEWeb will provide technology, software and legal framework for handling electronic documentary credits including presentation of electronic documents.
The companies said “@GlobalTrade will make it possible for a documentary credit to be issued and advised over the Internet from anywhere in the world; eliminates the need to pay cash in advance for purchases: eliminates delays caused by discrepancies in paper-based processing: and allows tracking of the entire transaction process online in real time.”