Lloyds Bank has become the first UK bank to integrate with WaveBL, an electronic trade documentation platform, in a move designed to modernise the handling of bills of lading in international trade.
Bills of lading, which typically exist in paper form, are pivotal documents in international shipping. Through the WaveBL partnership, Lloyds clients can now transfer fully digital, blockchain-based electronic bills of lading across a network spanning 136 countries and four of the world's largest container shipping carriers.
The adoption of electronic bills of lading should allow parties to exchange documents in minutes rather than the days required for paper-based alternatives, while eliminating risks associated with forgery, loss, and physical transfer.
Rogier van Lammeren, head of trade and working capital products at Lloyds Bank, said the partnership gives clients easy access to a global platform for electronic bills of lading, complementing existing digital trade documentation solutions.
The collaboration builds on Lloyds' participation in the Future of International Trade Alliance's electronic bills of lading declaration in October 2023. The FIT Alliance, which includes BIMCO, DCSA, FIATA, ICC, and Swift, is targeting 100% global uptake of standards-based electronic bills of lading by 2030.