TradeLens Finally Completes Its First End-To-End Paperless Trade Finance Transaction

IBM and AP Moller-Maersk, the digital platform the TradeLens, has recently completed its first end-to-end paperless trade finance transaction. The contract involved the agreed shipment of agrichemicals from South Korea to Bangladesh by Syngenta, subsidized with a letter of credit from HSBC.

The parties shared all their requisite documents via the TradeLens platform. The documents include the commercial invoice, bank collection documents, the electronic bill of lading (eBL) directly from the ocean carrier Sealand and the packing list.

This procedure knocked 10 days off the standard document processing lead time for Syngenta and assisted in avoiding the extra costs due to delayed paperwork, TradeLens stated.

Besides, HSBC’s regional head of product management, global trade, and receivables finance for the Asia Pacific, Sanjay Tandon, stated, trade between proximate markets is often encumbered by paperwork, leading to delays and higher costs. Removing paper from the process should not only increase the efficiency and velocity of trade but also enhance the appeal of the letter of credit as a trade finance solution by minimizing documentary complexity.

The said transaction is marked as an expansion in focus for the TradeLens eBL, further targeting the shipping industry. It also gauges multiple terminals, customs authorities, inland depots,  and intermodal providers among its associates.

GTR tells, Head of strategy and operations at TradeLens, Daniel Wilson stated, “there are simpler scenarios where there is just the shipper, or the shipper and their consignee involved – sometimes called telex release and straight consignments respectively. Those were our launch scenarios, as the dependencies for getting up and running are fewer.”

Besides this, he even added that TradeLens is currently exploring alliances with financial institutions and other platforms to construct a completely integrated experience for clients, combining digital LC or other instrument allotments through to final settlement and cargo clearance.





Other news

Most Recent Blogs View All Blogs

12 May

Top Ways Fintech Industry Is Getting Transformed Through Blockchain

If you are a businessman who is indulged in any kind of trade ie. import-export activity, you might ...

10 May

Fintechs Are Proving To Be A Boon For Small Exporters

Since the global pandemic of Covid-19 hit the world economy, the global traders have gone into deep ...

25 Apr

Letter of Credit Issuance Process - An Important Trade Finance Instrument

Looking for a letter of credit? This guide covers what an LC is, how it works & its process. Rea...

Disclaimer

Emerio Banque is an innovative global financial institution incorporated in England and Wales with Legal Entity Identifier 875500DGPPWAFABBK130. Emerio Banque does not offer its products and services to businesses and/or persons registered in the United Kingdom.

No information on this website should be construed as a solicitation, offer, recommendation, and representation of suitability or endorsement of any security, investment or strategy.

Important Notice

Emerio Banque would like to advise its customers to report any suspicions which they may have regarding the identity of any intermediary who promotes products or services offered by us or any intermediary bearing similar names. You should verify with Emerio Banque by calling our Customer Service Number on +44 203 059 7831 or emailing help@emeriobanque.com

Please also be aware of bogus SMS messages and voice message calls or fraudsters who impersonate the staff of Emerio Banque.

We have recently become aware of a number of entities with different names misrepresenting themselves as associates, partners or agents of Emerio Banque.

Please be informed that Emerio Banque is not associated with nor do we have any business connections or dealings with such institutions.

Emerio Banque takes all information regarding suspicious fraudulent activity very seriously. Please immediately inform us at compliance@emeriobanque.com if you suspect or are approached by persons misrepresenting or impersonating Emerio Banque and/or its officials. We will make investigations and will take legal action where necessary.