Bank guarantees and letters of credit (L/Cs) feature in an online trade portal recently launched by the UAE-based United Arab Bank (UAB).

UAB Trade Portal aims to improve the ease and speed with which corporate customers can complete several types of trade finance transactions.

Benefits

The portal claims to provide a reliable, fast and secure gateway for customers to create, track and report transactions.

Its interactive, web-based platform also offers a range of reporting features available around the clock.

Features

Customers using the portal can initiate products such as bank guarantees, commercial L/Cs and standby L/Cs, in a secure online environment.

Electronic reports and statements allow for transactions to be monitored and amended remotely, without the need to visit a bank branch according to a UAB statement.

The portal is aimed at UAB's corporate clients, including small- and medium-sized enterprises.

This article represents the views of the author and not necessarily those of the ICC or any of the other partners in DC-PRO.