Frequently Asked Questions (FAQs)
WaveBL is a digital platform using proprietary blockchain technology to electronically transfer trade documents. It enables the instant, encrypted, and authenticated transfer of electronic Bills of Lading and related trade documents. The platform is designed to meet the needs of all parties involved in trade, including Ocean carriers, shippers, consignees, freight forwarders, agents, and banks.
An eBL, or electronic bill of lading, also known as an electronic BoL or B/L, is a digital version of the traditional paper-based bill of lading. It serves as evidence of the contract of carriage, receipt of goods, and document of title to the goods.
Traditional paper-based logistics processes can be slow, inefficient, and prone to errors. Switching to electronic bills of lading (eBLs) enables a streamlined process with reduced risk and increased efficiency. With eBLs, transfer time is reduced to minutes, and it aligns with the digital transformation in the trade industry.
WaveBL supports all types of trade documents that are part of the trade process, including Original, Master and House Bills of Lading, certificates, and other documents required for trade and trade finance. To learn more, click here.
Yes, WaveBL’s solution complies with applicable industry standards and global trade regulations, including the IGP&I, DCSA, IFTA, ICC, UNCITRAL, and ISO 27017.
It is important to know that the front and back of an eBL look exactly the same as a paper BL. The only difference is the additional text “Issued electronically on WaveBL”, which is automatically added to the issued BLs for legal reasons.
You can expand your network by onboarding additional partners using the most innovative and easy-to-use WaveBL’s onboarding features. Contact us to learn more.
Yes, an eBL issued on WaveBL is legally recognized and carries the same significance as a traditional paper-based Bill of Lading. WaveBL’s electronic documents comply with the requirements of various international regulations and conventions, such as the UNCITRAL Model Law on Electronic Transferable Records and the Rotterdam Rules. The eBL issued on WaveBL includes all the necessary information and functionalities required for trade and trade finance, ensuring smooth transactions and legal validity.
WaveBL’s platform eliminates the need for physical transfers and manual tasks involved in paper-based processes. Transactions with Wave eBL take approximately 8 minutes, whereas a traditional paper-based process can take 10-14 days.
Yes, you can. Ocean carriers, beneficial cargo owners, freight forwarders, NVOCCs, banking institutions, agents, business units, etc. all use the WaveBL platform.
WaveBL provides a trusted multi-carrier platform that fosters trust and collaboration. All issued and transferred eBLs on the WaveBL platform are verified and authenticated, enhancing transparency and efficiency in global trade.
WaveBL provides 24/7 global support as well as onboarding assistance in English, Spanish, Chinese, French, Portuguese, Hindi, German, Korean, and Hebrew. WaveBL assists through the entire Wave eBL experience, from onboarding to usage. You can reach out to support@wavebl.com for any assistance.
WaveBL is the largest eBL issuer working with all the trade parties in over 100 countries in any scale. By using WaveBL, you can experience faster and safer global trade, eliminate the need to wait for paper documentation, reduce costs, errors, and disputes, and contribute to sustainability by reducing paper usage and carbon emissions.
Yes, by connecting with a broader range of trade parties, you can access more business opportunities, enhance collaboration, and streamline your trade processes. Expanding your network allows for greater flexibility, improved access to trade partners, and potential growth opportunities.
WaveBL guarantees trust through its patented blockchain-based technology. With over 100 countries and the support of major shipping lines such as MSC, ZIM, ONE, and Hapag Lloyd, WaveBL is a proven and trusted solution that eliminates the risks of forgery, loss, or theft.
Yes, they are. When they first activate the WaveBL application, users generate their own electronic signatures. These are used to sign, endorse, add signed comments to, and surrender electronic documents.
Yes, WaveBL collaborates with other eBL platforms to ensure interoperability. This means that WaveBL allows business partners to transfer eBLs between trade partners using different platforms, facilitating seamless communication and document exchange.
LightWave is our app to help you take the most common eBL actions in a fast and simple way. It allows for LightWave, the feature for streamlining your eBL actions, regardless if you are a shipper or consignee. With just a few clicks, you can open, send, amend, or surrender your eBL, eliminating the need to log in to the platform.
Yes, they can be amended if necessary. WaveBL mirrors the business process that the industry is used to. Issuing, amending, transferring, and surrendering a document via the WaveBL network follow the traditional process of paper documents – but much faster, securely, and cost-effectively.
WaveBL enables the exchange of all documents for all purposes. Documentary credit, collections, and receivables are just a few examples of the trade finance tools supported by our network.
All documents transferred on WaveBL are encrypted. This means that only the intended recipient, and no one else, can decrypt the document.
When someone issues a document via WaveBL, they sign it, which includes a reference to that signature in a record called the issuance blockchain transaction. Anyone who holds the document later can be sure that it hasn’t been altered since it was issued by checking the special code included in the issuer’s contact information and the issuance blockchain transaction.
Yes, they are. Since WaveBL uses blockchain technology, all blockchain identifiers are used only once and cannot be linked to the organization they belong to by analyzing the blockchain ledger.
After a document is surrendered, the issuer can send a copy of the surrendered document with an added surrender acceptance signature, which is validated once.
Yes, it is thanks to the WaveBL contact verification process, which verifies the contact information that you have imported to WaveBL. This ensures that the contact information of the user whom you are communicating with via phone, email, SMS, or other methods is verified.
Pay-as-you-Grow: The Tiered options feature a dynamic pricing structure. Costs decrease as your monthly eBL usage increases. This scalable approach provides monthly cost savings tailored to your growing needs, with payments conveniently billed at the end of each month. For more information reach out to: sales@wavebl.com
The party that pays for an eBL transaction is defined by the Incoterms agreement between the importer and exporter. Overall, only one party pays for each transaction all other parties can use the services without any additional fee
No, WaveBL is a third-party service company and is not included in shipping line fees.