OCBC Bank to adopt Singapore Customs' eBG programme

Application and delivery time of banker’s guarantee will now only take one day.

OCBC is adopting the electronic banker’s guarantee (eBG) programme launched today, which sees the application and delivery of the banker’s guarantee to the Singapore Customs slashed to just one working day, the bank announced in a press release.

Via the bank’s API connectivity with the Networked Trade Platform, the bank will be able to electronically transmit details of its customers’ eBG to Singapore Customs.

Previously, it takes seven days to process the application up to the delivery of the guarantee. OCBC issued the eBG on behalf of Infocomm Technology solution and service provider vCargo Cloud, which performs customs declaration services for forwarders and shippers.