In the August 2014 ACE Monthly Trade Update, US Customs announced that it will deploy electronic bond functionality in ACE on January 3, 2015. This will enable the trade to submit, via EDI, bond transactions in ACE, which will “will streamline the process for filing continuous and single transaction bonds with CBP Revenue Division’s Bond Team.”
Benefits will include:
- Creation of a single mechanism for the centralization of bonds, including a single place to locate any bond starting after ACE eBond deployment.
- Reduction in paper processing
- Faster release of cargo
- Increased traceability of bonds for audit purposes
- Expansion of bond issuance beyond regular business hours
At this time, ACE eBond will be required for ACE cargo release and entry summary transactions only, not for those filed in ACS. However, as of November 1, 2015, when use of ACE will be mandatory for all electronic cargo release and related entry summary filings, ACE eBond must be used for all such transactions.