Korea's HanaBank upgrades e-letter of credit system with Sterling Commerce

Source: Sterling Commerce

Sterling Commerce, the multi-enterprise collaboration company, announced today that HanaBank, Korea's third largest bank, has selected the company's Gentran Integration Suite (GIS) for its electronic Letter of Credit (eLC) System.

HanaBank is one of the first five domestic financial institutions to use electronic Letters of Credit. Gentran Integration Suite, with its e-business integration platform, will enable more efficient multi-enterprise collaboration to streamline business processes.

Working with partner CoreBank Co., a specialized financial solution provider, Sterling Commerce's GIS enabled HanaBank to build eLC systems to better handle communications and authentication in and out of the bank. By using GIS's mapping function, managing incoming LC's and translating them to ebXML is faster and can be quickly disseminated out of the bank. In addition, the eLC system is also easy to maintain as new documents and new formats can be quickly and easily updated onto the eLC system.

"Sterling Commerce's Gentran Integration Suite has enabled us to track end-to-end collaboration processes as well as manage sensitive business data over the eLC system more securely," commented Han, Sangkyun, Team Leader of the Foreign Exchange Team at HanaBank's Computation Information Center. "The system is easy to use. In addition to being able to manage the system internally, it is scalable as it can quickly accommodate rapid growth in data volumes as our business grows.

"This is a significant win for us in the financial services market in Korea and we plan to continue to aggressively grow our presence in this sector," said Kang, Jeong Myung, Country Manager of Sterling Commerce Korea. "Secure and efficient data transmission as well as communicating securely within their circle of trading partners is crucial for banks that adopt the eLC system. Sterling Commerce's Gentran Integration Suite not only allows banks to securely manage large, complex electronic communities, it also allows real-time interaction with partners across complex value chains."

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