Lloyds Bank uses an electronic Bill of Lading (eBL) – the first it has handled on the WaveBL electronic trade documentation platform – to support Somerset-based Paull’s Matting in trade deal with an Indian supplier.
The eBL reduced transaction completion time from 15 days to just over 24 hours, which in turn reduced working capital costs and, together with the use of a digital promissory note (dPN), made the trade deal entirely paper-free.
The transaction closely follows Lloyds Bank becoming the first UK bank to join the WaveBL platform in February 2024
Lloyds Bank and Federal Bank are working jointly to explore opportunities to digitise further transactions between their customers
“This is a great example of digital trade in action.The eBL have eradicated the need for any physical paper to change hands. This has meant a faster transaction, which helps shorten parties’ working capital cycles, with less risk, at lower cost and with significantly less admin for the businesses involved. We’re looking forward to helping more companies take advantage of the significant benefits digital trade offers.”
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