DRESDNER BANK TO PILOT @GLOBALTRADE AS DCC

Dresdner Bank AG will be the first financial institution in Europe to pilot CCEWeb’s @GlobalTrade™ Secure Payment and Trade Management System as a Documentary Clearance Center (DCC). Dresdner Bank AG will implement the System together with CCEWeb. The pilot is scheduled to run from April to August 2001 with buyers, sellers, carriers, freight forwarders, customs brokers, surveyors and other parties to a trade transaction participating in it.

The DCC streamlines the processing of electronic documentary credits including electronic presentation of documents. @GlobalTrade makes it possible for a documentary credit to be issued and advised over the Internet anywhere in the world; eliminates the need to pay cash in advance for purchases; abolishes delays caused by discrepancies in paper-based processing; and allows tracking of the entire transaction process online in real time.

In partnership with China Systems, the largest bank trade finance system vendor in the world, CCEWeb builds on a proven technology platform operational in more than 200 banks in 75 countries. China systems has provided software, expertise and funding valued at more than US $16 million and have taken a 20% equity position in CCEWeb. “We recognise that mechanisms for trade processing have to change to meet challenges brought about by new technologies,” said Brian Edmondson, EVP Marketing and Product Management for China Systems. “CCEWeb will use the new technologies and combine them with the traditional UCP rules and commercial practice to provide a secure solution for the Internet markets.”

Since announcing the company’s plans at the International Financial Services Association Annual Conference held September 25 – 28, 2000 in Orlando, Florida, financial institutions around the globe have validated the concept and found it beneficial for their clients. In the proof of concept phase that began in November 2000 selected importers and exporters have gone through the prototype of the system together with their trade service providers and financial institutions. “Having participated in stageone of the pilot program, I am impressed with the technology and with the functionality of the program offered by CCEWeb. From a user’s standpoint, this tool will assist companies in reducing redundant tasks and costs as well as expediting the necessary payment function to vendors,” said Vihn Grant, Controller, Alpine Air, based in Denver, Colorado.

Selected Ocean carriers, freight forwarders, surveyors, custom brokers, and other trade service providers have also had an opportunity to test drive the @GlobalTrade prototype system. Patrick Burrows, P&O Nedlloyd’s General Manager of Marketing Systems, commented: “The main benefits that we foresee accruing to P&O Nedlloyd are productivity improvements for data entry to our internal systems, and encouragement for our participating customers in the use of waybills instead of B/L. Moreover, the system could eventually lead to automated and more timely collection of revenues.”

“Leading market research companies predict that the number of B2B deals completed electronically will grow substantially in the next few years. Thus, companies are facing the prospect of new markets, with buyers and sellers unknown to one another standing in need of safe contract completion in terms of delivery of goods and payments. CCEWeb‘s @GlobalTrade will be able to support buyers and sellers with a system that satisfies our expectations concerning a customer friendly system for secure payment and trade management in the new e-world,” explained Carlos Gómez-Sáez, Head of Trade Services, Dresdner Bank AG, Germany.

“@GlobalTrade’s FastTrack eDC^TM solution will help corporations and eMarketplaces to do more business and will assist financial institutions to enable their clients with a secure payment and document management system,” said CCEWeb’s CEO Jacob Katsman. “It has been a pleasure working with the people from Dresdner Bank over the last few months. The knowledge of trade processing is outstanding. Together we will bring to the market a comprehensive payment and trade management solution that connectsall parties in a trade transaction and leverages the efficiencies of the Internet empowering the user,” Katsman added.

CCEWeb Corp. is part of the CCEWeb Group. The Company is a service provider to financial institutions involved in international merchandise trade. Users are able to conduct their business over the Internet thereby maximising available credit, reducing transaction fees and dramatically simplifying all aspects of the process including the issuance of documents and tracking the progress of transactions. All of this is carried out in an electronic environment that provides bank-level security and satisfies all the legal requirements. CCEWeb’s goal is to bring all parties in a trade transaction onto the same electronic page. www.cceweb.com

[ APRIL 2001 E-mmerce Magazine Online ]