QUICKLY VERIFY CUSTOMER DATA AND IMPROVE FRAUD PREVENTION

Assuring that your customers’ trade finance collateral documents are legitimate is a critical task that requires you teams to conduct research and reach out to various parties.

Today, this process is done after the fact, owing to information latencies in global supply chains. The research and verification process are time consuming, while risks of forgery and fraud remain difficult to eliminate.

TradeLens permissioned blockchain enables financial institutions to verify the information they receive from their customers with what has been issued by the Ocean Carrier. Leveraging the existing dataset, users can gather the necessary data points via API calls to ingest key data directly into their systems and improve fraud prevention and letter of credit verification processes.

QUICKLY VERIFY CUSTOMER DATA AND IMPROVE FRAUD PREVENTION

Validate instantly
When a customer provides a Bill of Lading (BL) in support of a request for financing, the bank team enters the shippername and BL number for validation into TradeLens. BL Verifier confirms whether the BL is legitimate.
Connect with simple, flexible API
Because TradeLens transacts data using open APIs, you can access details from the onboarding carrier’s Bills of Lading ina reusable, structured data format.
Access data securely
Permission to access the information will be granted upon confirmation that the bank is party to the supply chain transaction.
Documents on the blockchain
Because documents on TradeLens are secured by blockchain, the bank is satisfied that the BL information is the latest verified version of the document, direct from the source, and has been unaltered since its publication. Financing application is approved.

further benefits

Reduce fraud

TradeLens provides a reliable method to guarantee the authenticity of a Bill of Lading and associated shipment of goods.

Automate processes

Gain the ability to automate verification and validation processes to expedite document checking and reduce manual overhead.

Access to end-to-end shipment data

View and use a single source of information that is shared across every party involved in the ocean transportation flow.

Reduce errors

Structured documents use rich data that can be reused to reduce keying errors and improve data quality.

40+ million

Original bills of lading are created globally

$7 billion

Amount spent printing and couriering Bills of Lading, increasing risk and delays

Current oversight still exposes banks to fraud estimated to exceed

$30 billion

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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