Outdated, disparate trade finance systems and paper-intense processes require substantial manual effort; this drives up costs, creates friction and causes delays.
The TradeLens platform covers all actors involved in the end-to-end lifecycle of a transaction, ensuring each party has permissioned access to relevant digitized documentation and data. This significantly reduces both bank costs and operational overhead, enabling greater working capital management and the ability to redeploy resources to value-creation activities.
Document integrity and validity
Banks invest significant resource into manually checking financing documents to ensure authenticity and accuracy. It’s a time-consuming, error-prone process.
By leveraging blockchain technology, TradeLens ensures documents haven’t been tampered with — and if changes have been made, a clear audit trail exists. In addition, TradeLens offers a Bill of Lading verifier tool specifically designed to help banks guarantee a Bill’s authenticity and validate information related to it.
Trade finance is a paper-intensive industry. Documents travel with their cargo from port to port, where they are checked, signed and faxed to all parties involved in the transaction. In spite of the degree of interaction, each party in the transaction has very little visibility.
With TradeLens’ data-sharing specification, financial institutions are able to govern who sees what in a transaction. This dramatically increases transparency, including real-time updates for banks on the status of shipments they’re financing.
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