UBB has created an online platform for trade finance - the first of its kind in Bulgaria
21 Decempber 2020
Given the present dynamic routine and the constantly growing need and search for digital solutions United Bulgarian Bank has created for its business clients the innovative web-based platform UBB Trade Finance Portal . Through it and fully online clients of the Bank from the business segments may submit orders for letters of credit, bank guarantees, documentary collection, as well as other instructions in line with documentary transactions, signed with a Qualified Electronic Signature (QES).
UBB is the first bank on the Bulgarian banking market to offer such a solution to its corporate clients, in order to optimize the trade finance processes, notorious for being time-consuming and involving physical exchange of documentation. UBB Trade Finance Portal is compatible with the eIDAS platform, which intuitive design facilitates the fast filling out and submission of orders, applications, as well as other documents about bank guarantees, letters of credit, documentary collection. UBB clients may upload the documents, accompanying their transactions (photocopies of agreements, proforma invoices, aligned texts of bank guarantees and letters of credit) or use the portal as a communication channel with the responsible Trade Finance experts of the Bank.
Access to the portal is granted to all business clients of UBB, using the electronic banking functionality. In order to guarantee clients’ security, the developed electronic orders are in full compliance with the most recent rules of the International Chamber of Commerce in Paris and the international SWIFT standards. UBB Trade Finance Portal is fully protected through the security systems of UBB and the information, received there is being kept strictly confidential, as per the statutory requirements.
UBB Trade Finance Portal is part of the overall concept for providing businesses with digital solutions, developed by UBB. Since the end of October the Bank has also introduced a process of digital QES signing of documents, related to loans of business clients from the SME and corporate segment. The process enables a fully remote exchange of both the unilaterally signed documents by business clients (requests, declaration statements, etc.), as well as the bilaterally signed documents with the Bank (agreements, annexes, additional agreements).