As a result, BEA will connect its corporate customers to the ECDS network, thus providing instant insight in ongoing trade transactions, in addition to cash and other payments based transactions. Clear2Pays supplied system covers the functional requirements stipulated by the Central Bank including buy-in, sell-out, buy-back, issuance, remittance and discounting of commercial drafts. The Peoples Bank of China initiated ECDS to link commercial drafts (bank-guaranteed instruments) in a single electronic format and in time all banks operating in the country must be connected to it.
The USD 53.58 billion-asset Bank of East Asia provides retail and commercial banking services to customers in Hong Kong, Greater China and other countries. Clear2Pay has recently made its PocketBanking service available for the Apple iPhone, enabling customers to access bank accounts and initiate transactions on their mobile devices.
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