Wachovia Bank’s international division has expanded the services offered by its internet-based tool for all import-related trade payment activity, CyberImport. CyberImport now offers importers the ability to manage their open account cross-border settlement activity on the same platform as their letter of credit and documentary collection activity.

“When we launched our proprietary web-based trade processing platform in 2001, we said we would regularly add differentiating functionality,” says John McFadden, manager of trade product management and development. “This open account release is our most significant enhancement to date.”

Michael Schmittlein, managing director in Wachovia’s Global Trade Services group, adds: “Our clients have indicated that they are looking for a single integrated application that would facilitate the settlement of all their cross-border payables activity – no matter the sales method. Our CyberImport product now offers this functionality while leveraging our global image based trade processing platform and our expertise in trade payables processing and outsourcing.”

Along with CyberImport, Wachovia’s Global Trade Services group, through its online web trade portal, CyberSuite, offers a comprehensive platform of services for importers and exporters designed to allow corporations and their trade partners to easily and securely initiate, manage and monitor trade transactions, including letter of credit processing, bankers acceptances, global payments/cash management and foreign exchange, states the banks.