Billex is a modern debt settlement and risk management product based on the traditional bill of exchange. Billex is an authenticated international bill of exchange, which can be ordered through banks which have access to eBillex platform and can be verified online at www.ibillex.com. It is also in alignment with the UNCITRAL (United Nations Commission on International Trade Law) definition of international bill of exchange and adapted with URC 522 as in documentary collection.

iBillex is the platform for Billex verification and management. It is accessible at www.ibillex.com

iBillex ID is a unique numeric identification number obtained at www.ibillex.com upon registration. iBillex ID acts exactly like a bank account number but exclusively used for Billex processing and management. It also can be reset by the client if he/she believes there is any abuse or her/his confidential data have been compromised.

Billex parties are the same as in bill of exchange:

• Drawer who is actually seller or exporter and instructs the drawee to make an unconditional payment in a particular time to the payee.
• Drawee who is actually buyer or importer and upon signing or accepting the Billex will be acceptor which means he/she is liable to pay the Billex amount.
• Payee who is actually the beneficiary of the payment and usually is the drawer itself or his assignee or partner.

Currently iBillex does not support jointly drawers or drawees or payees.

An applicant simply registers a free account with www.ibillex.com and get an iBillex ID instantly, then easily orders a Billex by filling a form in his bank and providing all necessary details of the parties. Applicant needs all other parties iBillex ID who are involved in Billex. Once the Billex is issued by the drawer bank, then it could be accepted by the drawee or endorsed by a third party person or bank at www.ibillex.com.

Each Billex has a unique serial number and a unique reference number, with these information, if the Billex is public then any body can then verify the Billex online and download a full report of the Billex including the full name and contact of the parties and other financial details of the Billex. If the Billex is private, only the applicant and involved parties in Billex ( drawer, drawee, payee or endorsee ) may only verify and download a report on the Billex by having an account in iBillex.com using the same email address used in the Billex report by the applicant. Remember that banks have always full access to Billex parties details whether this is a private or public Billex. Please read our terms and privacy policy carefully before using our services.

A public Billex can be verified by every body having the serial and reference numbers and full report is available to them but a private Billex can only be verified by its applicant, drawer, drawee, payee or endorsee only. Please remember a Billex having the payee as BEARER , is considered public by default. Also, remember that all Billex are visible to banks world widely to mitigate their risks in handling a Billex.

Legally a Drawee accepts the Billex upon affixing his /her signature (or company stamp ) on the Billex. It is up to drawer or beneficiary of the Billex  discretion to make sure of the authenticity of the drawee’s signature or ID.  If drawee is a bank , then your bank may verify the Banker’s acceptance by SWIFT message such as MT412 or MT410.

To have the acceptance as part of the report, drawee needs to log in to his account and then declare their acceptance by confirming it under the section “Acceptance Declaration” in dashboard. Following the instructions will then lead to a verification Pin code that will be delivered to their Email address and mobile phone or (fax number for banks )  provided by the applicant.

 

 Remember that “acceptance acknowledged“-status in the report does not mean that the signature is verified by Billex trade finance corp., but it means that the drawee has declared to be aware of the Billex and his or her role as drawee in the Billex and he or she declares intention of acceptance of the Billex, however Billex trade finance corp. does not guarantee that online acceptance declaration shall be a proof of acceptance. Consider that drawee may declare acceptance online but fail to sign on the Billex physically. Nevertheless it is absolutely a proof of awareness and sight of the Billex by the Drawee according to the contact and details provided by the applicant in the report. The applicant also agrees to the role of drawee in the Billex and agrees to have the Billex willfully signed by him.

Any person or bank can endorse a Billex for whole amount or a part of the Billex amount.

Endorser must visit issuing bank or any bank having access to eBillex and request for endorsement and provide the Billex to the bank to proceed with the endorsement. Upon initiation of the endorsement , endorser now can declare endorsement acceptance by sighing to his/her account and follow the retrieving the information under the basket of prospect liability in MyBillex dashboard.

No, our smart detection will check the name of companies on spot and automatically will refuse such an order. However, in case that you bypass our automatic screening, yet our officers will check as a “human checking” on orders and such an order will be refused based on breach of our agreement under “misrepresentation” and there might  be no refund for your order by the bank.

The URC 522 under number 2, article 4 states that:

 

“Banks will not examine documents in order to obtain instructions.”

 

Billex compensates for this lack of involvement and liability of banks in examining and verifying important documents such as the bill of exchange. Applicants do not need to rely on banks to verify the authenticity of bill of exchange for them, since they may verify it themselves before accepting , endorsing or payment. However, Billex high security and ease of reporting, encourages banks to verify it and stop payment in case they find it suspicious or altered.

The security design of the physical Billex includes state of the art technology applications such as UV marks, UV fiber paper, micro-text printing and guilloche as well as chemical sensitive security paper. Also online ordering, online verification, online acceptance declaration are parts of our services as well as express DHL or FedEx delivery worldwide provide an easy global access to this product.

Bills of exchange are traditionally being used to settle or assign a debt or to manage risk in trade under documentary collection by traders. Billex provides a secure method of payment that carries along each bill a detailed and incorruptible online report on all details, where which in a traditional bill of exchange there is always the risk of fraud or any alteration to the bill details. This traditional method dramatically increases the risk in trade. Billex on the other hand, is a zero risk solution to documentary collection and the best choice for traders and merchandisers who currently are using Telegraphic Transfer and Advance Payment method in trade to secure their deals which is considered high risk method in trade.

Any individual at legal age or any valid existing company or bank globally. However, each bank may impose its own policy to Billex customers.

According to UNCITRAL , An international bill of exchange is a bill of exchange which specifies at least two of the following places and indicates that any two so specified are situated in different States:

• The place where the bill is drawn;
• The place indicated next to the signature of the drawer;
• The place indicated next to the name of the drawee;
• The place indicated next to the name of the payee;
• The place of payment, provided that either the place where the bill is drawn or the place of payment is specified on the bill and that such place is situated in a Contracting State.

As an international instrument, English is the only supported recognized language as well as legal on Billex.

The dashboard and Billex order form and Billex management tools are only in English as a uniform Language in trade to avoid misunderstandings on Billex content. Other contents in web page , are available in other languages such as French, Mandarin, Spanish, Bahasa, Russian and Arabic.

It may vary bank to bank. Please contact banks who provide Billex service for information about cost and charges.

Billex does not require tax or duty stamp unless the applicant is from Canada.  If your local authorities do not recognize UNCITRAL act on international bill of exchange and require you to follow local act on bill of exchange, then you might need to pay for duty stamp to your local government accordingly.

Yes.

Yes, as follow:

• Name, registration number, date of birth may be modified before any Billex order. Once your first Billex is ordered, you won’t be able to amend or change these fields as they might be   part of your issued Billex.
• Mobile number, local address (excluding the country) and other details of your profile can be updated at any time. Please remember that.
• Email and country of origin cannot be changed.

• Draft : Not submitted order
• Order placed: Successfully submitted order
• Processing: An order pending for approval
• Rejected: Not successful application
• Lost: Not delivered or lost Billex ( not valid Billex )
• Settled: A Billex which due date is over and ahs been settled
• Not settled yet: A Billex which is valid and pending for due date
• Dishonored: A Billex which drawee has failed to pay

Any Billex issued using your iBillex ID under drawee or endorsee, will appear in My Liability basket as it may bears financial liability to you. If you are not aware of such a Billex and it is a surprise to you, contact us at [email protected] or contact your bank or any bank found in Billex report as issuing bank.

If a bank is drawer or drawee, then an automatic fax will be sent to the bank to inform them of the Billex under their capacity. However, if the fax number provided is not genuine, then in case of any dispute in future, the bank may refuse the Billex as the applicant has misrepresent the bank role in Billex. Remember that banks use their SWIFT or Fax number as their authenticated contact.

 ‘Quick check’ is just a fast check on the validity of the serial and reference of a Billex. It does not confirm the Billex details and does not guarantee authentication of a Billex. For ‘quick check’ members do not require to log in to their account.

‘Full report verification’ provides you with a comprehensive and complete report of a Billex including all parties details. It also includes all references to the Billex and its current status (lost, Settled, Dishonored or Not due yet).

Billex is a physical international bill of exchange basically having electronic back up and verification, but it comes with a high tech safety and management features. However, some banks use electronic bill of exchange internally within their branches and Billex may be used by them too.

Billex is a strong tool for risk management. It forms part of Documentary Collections which could be compared to a much cost-effective, simpler and faster variation of Letters of Credit. Billex just adds security features and easy management to Bill of exchange used in documentary collection in trade. However, Billex could be almost exactly as a Letter of Credit if accepted by a bank (banker’s acceptance), but with a significantly lower cost for both parties.

The Physical Billex is printed with the same security features used in bank notes; to make any counterfeit, alteration or duplication is almost impossible. Nevertheless, Billex can be verified online at a high secure platform to make it pointless for delinquents to forge or alter a Billex.

No.

Our online solution system is insured on SSL for up to 1.75 million USD in case of any damage, hacking due to encryption failure.

NO. this is up to the banks discretion to verify signatures.

Basically we do not witness or verify signatures, signatory IDs or company stamps on drawer, drawee in any acceptance or endorsement. However, there might be cases where the parties could provide banks with strong proof, such as certifications by a notary public and verification by embassies or the chamber of commerce in their country. They could also attend agent banks in a preferred location to have officers witness the documents in question. After this verification process, bank can change the status of a Billex in the report to “signature verified“. However, there will be extra charges on these services and the applicant needs to sign indemnity letters in such a cases probably.

Billex operates in all countries except those under Canada or OFAC, UN or EU sanctions and banking regulations imposed within those countries.

AED, AUD, CAD, CHF, CNY, EUR, GBP, INR, JPY, KRW, MYR, NZD, RUB, SGD, USD, ZAR

Yes, it is up to the issuing bank policy

NO, Billex is issued only in whole numbers and no decimal is allowed

No.

No.

Issuing date is based on BILLEX APPROVAL DATE by issuing bank, not application date. It is according to time zone of the HQ of issuing bank. You have to adjust due date based on different time zones occurred in this process if the issuing bank is a country having multiple time zones (e.g. USA, China).

Billex Trade Finance Corp. is under Canadian law. The validity of a Billex however, is determined by either the jurisdiction of the drawer’s country or it is defined by the place where the contract was made (usually country of the Drawee).

Billex is in alignment with the UNCITRAL (United Nations Commission on International Trade Law) bill of exchange definition. It is therefore governable by general trade agreement acts depending on the regional regulations and the unique circumstance of any dispute. Also, any documentary collection using Billex will be considered by terms under the ICCs Uniform Rules of Collection (URC522).

You may choose ‘quick check’ or ‘full report verification’ in our website at www.ibillex.com

We do not chase Billexes destiny. Whether it is lost, settled or dishonored, it’s the applicant’s responsibility to inform the issuing bank about the status of the Billex. However, banks need strong proof and verification to accept the applicants claim. Once they are satisfied with the new status of a Billex, they then proceed to update the database accordingly.

No, Billex trade finance bears no responsibility on any non-payment, fraud, abuse and misuse of a Billex. We do however insure our online solution system on SSL for up to 1.75 million USD in case of any damage, hacking due to encryption failure.

A Billex can be rejected due to false information submitted, risk of fraud and abuse, inaccuracy of information provided, errors submitting the data, misrepresentation and any non-compliance concerns by the compliance department or any sort of breach of our terms of service agreement.

We may suspend your account in case we find any suspicious activity, risk of fraud or abuse. If you believe that your account shouldn’t be suspended, please contact us at [email protected]

We keep a Billex records for 8 years online. However, the Billex will remain valid according to law if due date is longer and also records are available off-line upon a formal request.