A myth and the facts about eBond from IB&M
eBond Myth: This is going to be hard
eBond Fact: The hard part is already done
We have been working with Customs for months on the programming and requirements for eBond. Beginning with CBP’s anticipated eBond roll-out on January 3, 2015, IB&M will be ready to submit eBonds for processing via our BEARS premium portal.
eBond for single transaction and continuous bonds will be accepted or referred for underwriting within seconds. Entries submitted through ACE will require an eBond and paper copies of the 301 will not be accepted. ACS entry summaries will continue to require paper bonds until eBond becomes mandatory in November, 2015.
eBond transmissions will take place using the same encrypted connections you already use to communicate with Customs. IB&M will transmit and maintain eBond data using the fastest and most secure methods and facilities available today.
IB&M is encouraging our broker clients nationwide to engage their software vendors in a discussion about their ACE readiness. ACS and ACE will operate simultaneously until November, 2015. We encourage our clients to begin testing as soon as possible to allow the greatest amount of time to work out the issues of transitioning from ACS to ACE.
Over the last twenty years, IB&M’s bond forms have been integrated into more ABI systems than any other surety. If your ABI vendor is participating in eBond, there is nothing further for you to do at this time. IB&M will establish the necessary connections for eBonds through ABI on your behalf. The only thing to do is watch the speed of eBond improve your business and client relationships in 2015.