Overview
Electronic Commercial Draft (ECD) refers to commercial draft in electronic form, which is made by the issuer in the form of data message and by which a trusted payer pays unconditionally a fixed amount to the beneficiary or to the draft holder on a designated date.
Features
ECD has the convenience of being issued and circulated in the form of data message through which electronic signature takes the place of physical signature and seal. In particular, the term of its payment is extended from the current six months at maximum to one year.
Targeted Customers
Enterprises and public institutions.
Tips
ABC's ECD products have been launched on the four channels of corporate online banking, Bank-Enterprise Express, Bank-Enterprise Connectivity Platform and outlets, to provide diversified options for the customers. ECDs are safe and swift with data message as its medium.
Procedures
The customer is to sign the Service Agreement on ABC Electronic Commercial Draft Service with ABC and fill out the Application Form for ABC Electronic Commercial Draft Service. Application for a particular service should follow relevant rules.
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