- Swift and Global Banks Demonstrate Seamless eBL Transfer in Successful Proof of Value.
- A milestone in eBL Adoption as Swift, MSC, and Global Banks Complete Landmark POV.
- Swift-Led Proof of Value Marks Major Step Forward in Digital Trade Documentation.
WaveBL blockchain-based eBL solution successfully completed the Proof of Value with Swift. The project involved five global banks: Lloyds, Emirates NBD Bank, and Federal Bank Limited, as well as the top ocean carrier acting as an eBL issuer, MSC, reports Container News.
WaveBL – Efficient Transfer of Electronic Document
The introduction of POV marked a high point in the successful integration of structured electronic document presentations, such as eBLs, into the Swift network. This demo had proven free-flowing management of the documents within the context of a Letter of Credit (LoC) transaction.
Types of eBLs Tested
Both the straight and negotiable electronic Bills of Lading issued by MSC were tested by POV. This made it evident that WaveBL’s technology is particularly robust enough to handle different kinds of complex trade documents in a wide range of formats, therefore further strengthening the idea that WaveBL applies broadly across different use cases.
Integration with Global Financial Infrastructure
This successful trial further solidifies WaveBL’s commitment to full integration into the global financial system. WaveBL is contributing to the future digital transformation of trade documentation by making it easy for members of Swift to conduct seamless transaction processes while, at the same time, enhancing connectivity in both finance and supply chain industries.
Fit into FIT Alliance Declaration
This joint initiative is perfectly in line with the FIT Alliance Declaration from September 2023, and ambitious goals are proposed to 100% adopt electronic Bills of Lading. Such collaboration makes the industry a little bit closer to attaining such objectives by pushing innovative digital solutions into global trade.
Partner banks embrace innovation
The participating banks have taken this as a ‘real-life’ opportunity to hand over experience in handling digital trade documentation. Such trials have grafted insights from them, helping better handle the changing scenario of digital trade in these financial institutions. The immediate next steps are proposed in the form of a joint working group which would further refine the solutions.
Following the successful conclusion of the POV, WaveBL, Swift, and all participating banks have established a joint working group. The group will work on further fine-tuning of the tested methodologies and structures applied through the POV, with special attention paid to Swift’s MT messages and presentations of electronic document exchanges. Their target is to improve the digital solutions to be used for more scenarios in the future.
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Source: Container News
