CoBank signs on to CargoDocs
CoBank has signed on to CargoDocs for Trade Finance in order to support its corporate customers’ use of ePresentation under eUCP Letters of Credit (eUCP Presentation) and eDocumentary Collections.
The agreement, signed between essDOCS and the Colorado-headquartered bank in December 2016, makes CoBank the 35th bank to sign on to CargoDocs and the 4th US banking group to adopt the solution.
CoBank is a national cooperative bank serving vital industries across rural America. The bank provides loans, leases, export financing and other financial services to agribusinesses and rural power, water and communications providers in all 50 states.
CoBank is a member of the Farm Credit System, a nationwide network of banks and retail lending associations chartered to support the borrowing needs of U.S. agriculture and the nation's rural economy. In addition to serving its direct retail borrowers, the bank also provides wholesale loans and other financial services to affiliated Farm Credit associations serving approximately 75,000 farmers, ranchers and other rural borrowers in 23 states around the country.
Headquartered outside Denver, Colorado, CoBank serves customers from regional banking centers across the U.S. and also maintains an international representative office in Singapore.
About CargoDocs for Trade Finance
CargoDocs for Trade Finance enables banks to provide enhanced trade finance capabilities to corporate customers who use electronic Bills of Lading and supporting documents – achieved via three key instruments: eUCP Presentation, eDocumenatry Collection and Bank Payment Obligation (BPO).
essDOCS’ online eDocs Exchange acts as a multi-bank platform, enabling users to electronically execute financed trades with increased efficiency, speed and accuracy, in addition to reducing risk and improving both compliance and productivity for banks and corporate customers.