OCBC Bank (Malaysia) has introduced an instant trade finance confirmation service called ‘Speedy Advice’.
The service enables businesses to receive all trade finance and services transaction advices almost instantaneously via auto-fax as soon as the bank completes it.
According to the bank, Speedy Advice eliminates the hassles involved in issues such as postal delivery and messenger pick-up, which could take up to several days.
Chuang Boon Kheng, OCBC Bank’s head of global trade finance, notes that the introduction of the service is the culmination of the bank’s understanding of the complex needs of businesses, and follows active engagement with them.
Chuang comments: “We understand that in trade financing every minute counts and customers want to be updated expeditiously on the status of their trade transactions for various reasons, such as to update their financials for monthly book closings, to inform their suppliers of the status of a particular initiative, and so forth.
“With the introduction of Speedy Advice, businesses will have peace of mind as the transaction advice is generated and faxed out as soon as the transaction is completed.”
The service is made possible through OCBC Bank’s recently-installed “cutting-edge” trade finance system, which comes with robust processing and delivery capabilities.
OCBC Bank expects at least half its trade finance customers to switch to Speedy Advice before the end of this year.
“All the customer needs to do is inform us of the fax number to send the advices to and we will do the rest. We hope to keep the momentum moving in this direction in our quest to make banking even more convenient for our business customers,” Chuang added.
OCBC Bank is Singapore’s longest established local bank. It has a network of more than 480 branches and representative offices in 15 countries and territories including Singapore, Malaysia, Indonesia, China, Hong Kong SAR, Brunei, Japan, Australia, the UK and US.
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