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, theshipper 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.

EXPEDITE TRADE WITH COMPLETE VISIBILITY AND SECURITY

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 viasystem 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.

85%

of the industry polled is still using EDI.

43%

of respondents are frustrated with the technology — but of the 57% that aren’t, there is a strong sense that EDI’s days are numbered.

55%

are considering web service APIs as an alternative to EDI.

stay informed, stay ahead

Explore how TradeLens is shaping the future of global trade. Learn how TradeLens can benefit you by clicking on the information below.

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