UBS signs on to CargoDocs
We’re pleased to announce that UBS has signed on to CargoDocs for Trade Finance in order to support its corporate customers’ use of ePresentation under eUCP Letters of Credit (eUCP Presentations) and eDocumentary Collections.
The agreement, signed between essDOCS and the Swiss-headquartered bank in December 2015, makes UBS the 27th banking group to sign on to CargoDocs.
UBS has adopted the essDOCS solution to initially digitise Switzerland-based customers’ financed trades with a view to potentially expand usage to other regions.
UBS is committed to providing private, institutional and corporate clients worldwide, as well as retail clients in Switzerland, with superior financial advice and solutions while generating attractive and sustainable returns for shareholders. Its strategy centers on its Wealth Management and Wealth Management Americas businesses and its leading universal bank in Switzerland, complemented by its Global Asset Management business and its Investment Bank. These businesses share three key characteristics: they benefit from a strong competitive position in their targeted markets, are capital-efficient, and offer a superior structural growth and profitability outlook. UBS's strategy builds on the strengths of all of its businesses and focuses its efforts on areas in which it excels, while seeking to capitalize on the compelling growth prospects in the businesses and regions in which it operates. Capital strength is the foundation of its success.
UBS is present in all major financial centers worldwide. It has offices in more than 50 countries, with about 35% of its employees working in the Americas, 36% in Switzerland, 17% in the rest of Europe, the Middle East and Africa and 12% in Asia Pacific. UBS Group AG employs about 60,000 people around the world. Its shares are listed on the SIX Swiss Exchange and the New York Stock Exchange (NYSE).
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.