Lloyds Bank forges trade digitalisation partnership with WaveBL

By Gloria Methri

Lloyds Bank has joined the WaveBL electronic trade documentation platform, unlocking new trade efficiencies and sustainability benefits for its clients, using electronic Bills of Lading (eBLs).

Bills of Lading are a critical document in international trade. They are issued by a carrier when a seller dispatches goods to an end customer and acts as a ‘receipt’ for the goods being shipped. Once payment – or agreement to pay – for the goods is received, the Bill of Lading is issued to the buyer so they can claim the product on arrival.

Most of the Bills of Lading are currently in paper form. Through this new partnership, Lloyds Bank’s clients will now be able to transfer fully digital, blockchain-based eBLs between organisations on the WaveBL network. The WaveBL network boasts members in 136 countries and includes four of the world’s ten largest container shipping carriers.

The system means eBLs will be able to be passed between parties in minutes, compared to days for paper versions. It will also eliminate the risk of forgery, loss, and theft of paper versions. It will further reduce the environmental impact of Bills of Lading by removing the need for paper products and a physical document transfer process.

Rogier van Lammeren, Head of Trade and Working Capital Products at Lloyds Bank said, “Paperless trade is the future, with tremendous benefits on offer in terms of economic growth, increased efficiency, reduced risk, and environmental sustainability. Our clients now have easy access to a global platform for eBLs to complement our existing suite of digital trade documentation solutions – enabling them to capitalise on opportunities quickly and securely, while reducing their impact on the environment.”

Ofer Ein Bar, VP financial institutions, WaveBL, said, “Corporates are looking to prioritise digital trade solutions, and financial institutions have been looking at how they can meet this demand. Our partnership with Lloyds Bank, an industry leader in trade digitalisation, represents a strategic leap forward for banks to support corporates as they digitalise, while enhancing customer satisfaction.”