By: Ranjeeta Dutt
Trade Finance Magazine
October 2001
…Another electronic initiative related to trade documentation processing which has been introduced recently is Canada’s CCEWeb (cceweb.com), with its @GlobalTrade offers a solution for electronic trade processing creating efficiencies for all parties in an online transaction.
Using @GlobalTrade an exporter is able to negotiate a contract and credit terms with the importer, receive an authenticated LC directly from the credit issuing bank, as well as use the special systems to prepare discrepancy free documentation and send instructions requesting document issuance to trade service providers. Institutions currently piloting @GlobalTrade include APL, Dresdner Bank, Overseas Union Bank, SGS, and Wachovia Corporation.
Jacob Katsman, CCEWeb CEO informs Trade Finance that the system caters to three groups of banks. Notes Katsman: “The groups can be referred to as ‘insourcers,’ ‘outsourcers,’ and ‘self-processing banks’. To build a comprehensive solution for multiple banks, the needs of these three distinct groups mush be met.” Parties can register for free at CCEWeb, and Katsman says that company earnings come from selling software to banks and plan to charge a small transaction fee for document management…
For the complete article, please visit www.tradefinancemagazine.com.