US Bank has completed its first trade finance collection transaction using the WaveBL electronic trade documentation platform.
In the transaction, US Bank served as the presenting bank for the exporter, a large publicly traded firm. Container shipping company MSC Mediterranean Shipping Company issued the electronic bill of lading and facilitated the shipment.
Previously, says the bank, such a transaction would have required a courier to physically transport documents across continents, often taking several days. By contrast, the digital process reduced that timeline to minutes - eliminating delays, enhancing security and compliance, and avoiding disruptions from weather, pandemics, or geopolitical events.
“Our clients are looking for smarter, more efficient ways to manage their import and export activities,” says Christine Bravo, SVP, US Bank. “This fully digital process is a step toward delivering the speed, transparency and reliability businesses need in today’s trade environment.”