Doha-based Commercialbank has announced the launch of a new service enabling corporate clients to carry out trade transactions entirely online using the bank's Corporate Internet Banking (CIB) platform.

The bank's new internet trade finance service features the ability for clients to manage letters of credit (L/Cs) online.

L/C access

Commercialbank clients will be able to initiate and transmit L/Cs online using digital documents and encrypted signatures.

Clients will also be able to access other trade services via the CIB platform, including guarantees and amendments.

Corporate services

In addition to initiating and transmitting trade finance transactions online, Commercialbank says its clients can also access a wide range of corporate services using the bank's CIB platform.

These include book transfers, salary payments, bulk remittances, demand drafts, chequebook requests, bank reconciliation, online statements and corporate credit card services. They can also create forward value transactions and apply multi-currency and preferential exchange rates using the same system.

Qatari first

Commercialbank says it was the first Qatari bank to introduce online services for corporate clients in October 2005.

Since then the bank says its trade financiers have been holding regular seminars and discussion groups with clients as part of the its research programme to develop new products and services.

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