27 Feb 2024
Lloyds Bank has become the first UK bank to integrate with the WaveBL electronic trade documentation platform.
The move is meant to reshape trade processes, particularly in the domain of bills of lading, with the goal of enhanced efficiency and sustainability benefits for Lloyds' clients.
Bills of lading, pivotal documents in international trade, typically exist in paper form. However, through the partnership with WaveBL, Lloyds Bank clients will now have access to the transfer of fully digital, blockchain-based electronic bills of lading within the WaveBL network, spanning 136 countries and featuring four of the world’s largest container shipping carriers.
The adoption of eBLs via the WaveBL platform should allow parties involved to exchange documents in minutes, in contrast to the days required for traditional paper-based versions. Beyond expediting processes, this digital transformation aims to eliminate inherent risks such as forgery, loss, and theft associated with paper documents. It also reduces the need for physical document transfer and paper products.
“Paperless trade is the future, with benefits in terms of economic growth, increased efficiency, reduced risk, and environmental sustainability," said Rogier van Lammeren, head of trade and working capital products at Lloyds Bank. "Our clients now have easy access to a global platform for eBLs, complementing our existing suite of digital trade documentation solutions – enabling them to capitalize on opportunities quickly and securely, while reducing their impact on the environment.”
This collaboration underscores Lloyds Bank's focus on trade digitalization, which includes its participation in the Future of International Trade Alliance's electronic bills of lading declaration in October 2023. The FIT Alliance, consisting of industry leaders such as BIMCO, DCSA, FIATA, ICC, and Swift, aims to drive the universal adoption of standards-based eBLs across the shipping industry with the goal of achieving 100% global uptake by 2030.