HVB Takes On eUCP
HypoVereinsbank (HVB) announced that it is prepared to handle eUCP credits and will be the first bank in Germany to do so.
We studied and discussed the eUCP intensively and came to a conclusion, that it is possible to handle electronic documents with existing media (like e-mail) said, Manfred Lutz, responsible for Global Foreign Trade Product Management and Documentary Business at HypoVereinsbank. To do this you have to comply with eUCP requirements and a major problem to solve was Article e6, especially checking the apparent authenticity of the electronic records and handling an electronic record in any format.
As a first step HVB has upgraded its electronic counter with the newest Microsoft software products to enable handling of current EDP formats and installed a special eUCP-mail-address eUCP@hypovereinsbank.de. For solving the authenticity problem, HVB plans to conclude individual agreements with its customers for handling eUCP credits. In addition to this manual and handmade solution HVB is a member of bolero.net and can use this system for processing electronic documents.
As a second step Mr. Lutz said, we are now working on electronic solutions to prove authenticity of an e-mail-sender using certificates (like D-Trust, Identrus, VeriSign and ValiCert) to sign documents electronically. Our goal is to establish a secure e-mail-system. In addition we are going on with customer workshops to learn from our customers about their thoughts and demands concerning electronic documents and finally to find pilot customers who are interested to change their documentary handling (in parts at first) from paper to electronic documents.
As a third step we are going to implement a new system for eTrade Services (like @GlobalTrade www.cceweb.com or Bolero www.bolero.net) in our existing workflows and EDP-systems for Trade Finance.
Bolero Publishes eUCP Standards
Bolero.net, a system that allows the parties in an international trade transaction to exchange contractual, settlement and fulfillment data online in a secure environment, announced that it would become one of the first organizations worldwide to adopt eUCP.
Over the past few months, a Bolero.net banking committee including representatives from BNP Paribas, Commerzbank, Citibank and HSBC has worked on ensuring that bolero.net messaging conforms to the twelve articles contained within eUCP.
‘We’ve always been ahead of the game when it comes to developing new ways of doing business,’ says Peter Guldentops, Bolero.net’s head of standards.
Bolero.net has published an explanatory user-guide on the impact of eUCP on bolero.net standards. Details are available on the Bolero web site http://www.bolero.net/boleroxml/introduction/.
CGE&Y & CCEWeb Link up on eUCP
Cap Gemini Ernst & Young Germany, and CCEWeb Corp. facilitator of @GlobalTrade™, Internet based trade processing and document management system, have signed a Strategic Alliance Agreement to market, pilot and integrate CCEWeb’s GlobalTrade™ Secure Payment and Trade Management System with the existing systems of importers, exporters, banks and trade service providers.
Cap Gemini Ernst & Young Germany will provide local expertise in consulting services, market knowledge and introduction of CCEWeb’s products and services to its existing customer base in Austria, Germany and Switzerland. CCEWeb will provide eUCP compliant business solution for trade services that would greatly enhance the efficiency of a foreign trade transaction.
‘@GlobalTrade from CCEWEB is the first solution which has been designed under the requirements of the eUCP,’ said Urs Kern, Managing Consultant with CGE&Y Germany. ‘The alliance with CCEWEB will give us a strong additional background and competence relating to our trade service consultancy activities.’
eUCP Q&A
In the April issue of L/C Monitor, eUCP question one was presented courtesy of DC PRO www.dcprofessional.com. We are pleased to provide the answer herein and feature eUCP Question two. The answer to the second question will be published next month in LCM.
eUCP Question 1.
On what date does the period of time for examination of documents commence?
Correct answer: Friday 06 May
As per Article 44 of UCP 500, the expiry date in this case is extended to the first following banking day on which the bank is open (i.e. Thursday 05 May). The time period for the examination of documents commences on the banking day following the banking day on which the Beneficiary’s notice of completeness is received.
eUCP Question 2.
At what stage does the issuing bank become bound by the provisions of eUCP?
Correct answer: See next month’s LCM.
The eUCP on-line training course is priced @ USD$99.00 and can be purchased online via http://www.dcprofessional.com.