Lloyds Bank has announced a pioneering partnership with WaveBL, a prominent electronic trade documentation platform.
This collaboration marks the first of its kind in the UK, aiming to revolutionise the trade documentation process through digitalisation. Lloyds Bank’s clients will now benefit from the ability to transfer electronic Bills of Lading (eBLs) across WaveBL’s extensive network, spanning 136 countries. This initiative not only promises enhanced trade efficiencies but also significant sustainability benefits.
At the core of international trade, Bills of Lading serve as crucial documents issued by carriers to acknowledge the receipt of goods for shipment. Traditionally, these documents have been paper-based, posing challenges such as delays, risk of forgery, and environmental impact.
Through the partnership with WaveBL, Lloyds Bank is set to transition its clients to a secure, blockchain-based system of fully digital eBLs. This innovative approach ensures faster transfer between parties, eliminates risks associated with paper documents, and significantly reduces the environmental footprint of trade documentation.
Lloyds Bank’s commitment to trade digitalisation is further evidenced by its recent endorsement of the Future of International Trade (FIT) Alliance’s declaration on electronic Bills of Lading (eBLs). The FIT Alliance, a collaboration among key maritime and shipping organisations, aims to promote the adoption of eBLs worldwide, targeting complete global uptake by 2030.
Lloyds Bank Head of Trade and Working Capital Products Rogier van Lammeren said, “Paperless trade is the future, with tremendous benefits on offer in terms of economic growth, increased efficiency, reduced risk and environmental sustainability.
“Collaboration and innovation are two of the key factors that will drive and support greater adoption. This new partnership with WaveBL is an example of both in action. 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 at 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.”
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