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.
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.
Original bills of lading are created globally
Amount spent printing and couriering Bills of Lading, increasing risk and delays
Current oversight still exposes banks to fraud estimated to exceed
Explore how TradeLens is shaping the future of global trade. Learn how TradeLens can benefit you by clicking on the information below.
.svg)
