Clear2Pay announced at the opening day of Sibos 2009 that it is supplying technology to Bank of East Asia in China to launch its connectivity to the Chinese Central Bank’s nationwide Electronic Commercial Draft System.

Companies within China work with a bank-guaranteed instrument known as a Commercial Draft. In a push to unify the format of commercial drafts throughout the country in an electronic format and thus to create greater transparency, the People’s Bank of China initiated the Electronic Commercial Draft System (ECDS) to which, over time, all banks operating within China must be connected.

Clear2Pay’s system covers all functional requirements stipulated by the Central Bank such as buy-in, sell-out, buy-back, issuance, remittance and discounting of commercial drafts.

Bank of East Asia, with over 70 branches and commercial offices in mainland China, will connect its corporate customers to the ECDS network, offering instant insight in ongoing trade transactions, in addition to cash and other payments based transactions.

• ICBC Launches Central Bank’s ECDS Service
• Bank of East Asia Implements Clear2Pay’s Open Payment Framework Technology
• Clear2Pay Opens up China Office in Shenzhen
• China’s Anti-Money Laundering Law and Regulations
• Clear2Pay Acquires ETH Tech Limited
• Gui Lin City Bank Selects Clear2Pay for Real-time Identity Verification
• ICBC Selects Aconite for Smart Card Issuance
• Wells Fargo, Agricultural Bank of China Offer Remittance Services