Using a Web browser (Netscape or MS Internet Explorer), the client enters Cyberbank LC via the First Union home page. At the Cyberbank LC login page, the client begins a secure browser session by entering the login information provided by First Union. Each user has unique login data, which determines their privileges within the Web site. "Our goal is to provide our corporate customers with the latest technologies for international trade," said John McFadden, Vice President and Manager of Trade Product Management. Cyberbank LC was the first Web-based product for international trade services, and continues this leadership position with robust features allowing importers to benefit from the latest advances in Web technology, with the security and confidentiality our clients expect."
"Cyberbank has enabled I. Lehrhoff, & Co. Inc., a New Jersey-based importer of tabletop and small appliances, to manage Letter of Credit transactions in a safe and user-friendly manner," said Daniel Lehrhoff, company CEO. "First Union has proved an excellent partner for our global trade needs."
Using Cyberbank LC for global trade provides customers with access to First Unions onshore and offshore Trade Finance centers for:
- Import and Standby letters of credit
- Bankers acceptances
- Extensive reporting on all letter of credit and related activity
First Unions International Division's Trade Services Unit is the leading third party trade processor and the fourth largest trade provider in the U.S. First Union also ranks first in Eximbank insurance program usage. The company ranks seventh in the CHIPS payment system volume and is a global market leader in U.S. cash letters processed for foreign banks. First Union's International Division serves more than 1,400 correspondent bank account relationships in more than 130 countries. The Divisions global network encompasses 31 representative offices, six international processing centers and five foreign branches. In addition to correspondent banking and trade services outsourcing, First Union also provides Embassy Banking and International Corporate Banking. First Unions International Division works with the companys Global Capital Markets, Global Capital Management and Global Cash Management divisions to service customers worldwide. First Union (NYSE:FTU), with $253 billion in assets at December 31, 1999, is a leading provider of financial services to 16 million retail and corporate customers throughout the East Coast and the nation. The company operates full-service banking offices in 12 East Coast states and the District of Columbia and full-service brokerage offices in 41 states.
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