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Surecomp Revolutionizes Digital Trade with Rapid eBL Transactions on the RIVO Platform
Surecomp®, a global leader in trade finance solutions, announced the successful completion of electronic Bill of Lading (eBL) transactions via its collaborative RIVO™ platform. This milestone marks a significant step towards the full digitization of global trade, demonstrating a dramatic improvement in process efficiency and transparency.
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eBL Transactions Completed in One Hour
Following initial transactions processed in September last year, this new phase focused on optimizing the eBL workflow, reducing the processing time to just one hour. Two separate pilot transactions were conducted simultaneously, involving MSC Mediterranean Shipping Company (MSC), the world’s largest shipping company, as the carrier generating the eBL.
The first transaction included MAN Truck and Bus, Commerzbank AG, and Bangkok Bank, while the second involved Voith, Bayerische Landesbank, and Indonesian bank PT Bank BTPN Tbk (Bank BTPN). Through integration with the WaveBL platform, electronic Bills of Lading were efficiently generated and attached to the Letter of Credit (LC) transactions in RIVO™. This process facilitated a smooth transition from the physical to the digital realm, making the documents accessible and transferable to all relevant parties within just one hour.
Centralization and Simplification of the Process
Live status updates on the WaveBL platform throughout the process enabled the presentation of clean documents under an electronically issued Letter of Credit (eUCP LC). This centralization and simplification of the eBL process via RIVO™ will ease adoption by banks, eliminating the need for separate integration and training for each eBL solution provider.
Ofer Ein Bar, VP Financial Institutions at WaveBL, stated: “The WaveBL platform issues thousands of electronic Bills of Lading worldwide every day. Some of the largest global shipping companies already trust us to lead the trade revolution. We are confident in our partnership with Surecomp. The success of this transaction will accelerate banks’ adoption of electronic trade documents, marking a significant step toward global trade digitization.”
A Giant Leap Towards Digitizing Global Trade
Enno-Burghard Weitzel, Chief Solutions Officer at Surecomp, added: “We were able to demonstrate how centralizing eBL management on RIVO can significantly enhance process efficiency and operational stability. Aggregating digital documents from various platforms represents a significant departure from traditional, time-consuming paper-based processes that often take days or even weeks. By fostering eBL adoption among banks using RIVO to centralize workflow, Surecomp remains committed to pioneering trade finance innovation, and the success of this eBL under LC marks a substantial leap forward in digitizing global trade.”
With this success, Surecomp® continues to push the boundaries of technology and innovation in trade finance, facilitating a faster and more efficient transition towards fully digital processes.
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