Clear2Pay was selected by Bank of East Asia to integrate into BoC’s system

Belgian payment system Clear2Pay has established an agreement with Hong Kong-based Bank of East Asia (BEA) to provide it with the dedicated technology that will allow the bank to connect to the People's Bank of China's Electronic Commercial Draft System (ECDS).

Chinese central bank launched the ECDS initiative so as to standardise all letter of credit or commercial draft agreements in an electronic format and it requires all banks operating in China to connect over the next few years. 

As soon as it finalizes the implementation Bank of East Asia will be connecting all of its corporate customers to the ECDs network which will provide them with the ability to observe ongoing trade, cash and payments-based transactions. The system supplied by Clear2Pay will cover the functionality required by BEA, such as the buy-in, sell-out, buy-back, issuance, remittance and discounting of commercial drafts.

"This system will enhance the products and services that we provide for our corporate customers," says a BEA spokesman. "It will also help us to promote our image in the Chinese banking industry by reaping the strong market share of ECDS."

Says Mark Hartley, vice president, global strategy and CMO for Clear2Pay: "Mobile banking has turned from 'nice to have' to a deep and rich offering whereby mobile banking services can be integrated with payments, reporting and online banking systems."