use cases / trade document collection

Expedite trade with complete visibility and security

To ensure shipped goods and payments for them are in order, trade using letters of credit relies on accurate information being verified and relayed between the consignee, the shipper and their banks.

Today, this information exchange is slow, manual, and risk-prone. Documents are couriered around the world and data is manually verified at every stage. Costly detention and demurrage charges apply if there is a mistake or delay at any step in the process—and lost documents result in painful rework.

TradeLens digitizes and secures the entire end to end letter of credit process and provides unparalleled status visibility for the consignee, the shipper and their banks. The risk of lost documents and courier costs are eliminated and information can be updated instantly if required with a transparent audit trail for all.

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Issuance

Receive the original bill of lading from the carrier in an 100% electronic format via the TradeLens eBL. Eliminate the time required to collect or print original bills of lading.

Transfer to advising bank

Transfer the complete document pack to your advising bank with the click of a button. The advising bank will receive an automated event notification that documentation is received.

Transfer to issuing bank

After review the Advising bank can add to and then transfer the document pack to the issuing bank in the TradeLens platform, all documents recorded and hashed on the TradeLens blockchain.

Transfer to consignee

The issuing bank can release the shipment to the Consignee, also with the click of a button or even via system to system communications via the TradeLens open APIs. The Consignee can now obtain release of the cargo via surrendering the documents to the ocean carrier.

Further benefits

Digitize your LC process

Receive payments faster. With a fully digital process, document transfers can occur at the click of a button and not via courier packs which can take up to 10-15 days.

A sustainable solution

Reduce paper usage and wastage by not having to print out any physical documentation (subject to government and regulatory process requirements)

Reduce manual tasks

Free up employee time from annual tasks to more value adding tasks. Using a digital process increases efficiencies and allows your employees to focus on higher value customer service tasks.

Deploy blockchain level security

Reduces risk of forgery, loss, tampering, due to all documents being recorded and tracked on the blockchain.

Case studies

Protecting fragile cargo

How Avanti, a frozen shrimp exporter in India is reducing risk and saving money by going digital

read case study

Expediting the coffee trade

How NKG, a European coffee importer is building a visible supply chain from inland Brazil