ec-Finance.com

ECF SIGNS COMMERCIAL BANK
Financial Technology Bulletin
10/03/2000

An internet, B2B technology provider, ec-Finance (ECF), has developed an automated letter of credit for users of B2B exchanges to send transaction details, via the internet, to banks.

San Francisco-based Commercial Bank has become the first bank to partner with ECF to enable companies using B2B exchanges to send letters of credit and track trades online. To date, ECF has signed up four international B2B marketplaces and is looking to recruit more regional banks. Bolero.net, which has now signed up 35 banks to use its standardized settlement protocol and trade finance network, has expressed interest in partnering with ECF.

B2B exchange director at Bolero, Tony Kirby, says: "There could be a very strategic, and complementary fit between bolero.net and what ec-Finance is doing in providing the entry to the letter of credit process."

Separately, State Street has launched i2cX, a secure, global electronic platform for trade management. State Street Open Account Trader, will eliminate paperwork for its corporate trade finance clients, and provide central database, which will interface with other systems.

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