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In edoxOnline we are thrilled to collaborate with Swift to make global trade execution faster, safer and more convenient through eBL interoperability.
Traditionally paper-based, a ‘Bill of Lading’ is a legally binding document that provides the carrier and the shipper of goods with all the details needed to accurately process a shipment and ensure the smooth transportation of goods across sea, land or air.
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As part of the drive to digitize trade, Bills of Lading have now started to be created and stored electronically on digital platforms. These platforms allow all the key participants in international trade transactions – e.g. shippers, traders, ship agents, banks, inspectors, custom agents, chambers, customs, etc. – to connect and securely share eBL in real time.
Moving forward, the proposed interoperability solution could play an important role in supporting frictionless trade transactions and reducing the industry’s reliance on paper. It could also make supply chain processes more transparent, efficient, and reliable, while improving the accuracy and traceability of data.
“This would mean that transactions could move quicker and with much more transparency. Paper, costs, and the risk of demurrage would be reduced, and transactions would be settled faster,” said Alejandro Pernías, CEO of Global Share, edoxOnline. “The global adoption of eBL will take time, but we believe this solution is one of many viable solutions to help bridge that challenge.”
Swift has thus been working with members of the Future International Trade (FIT) Alliance (DCSA, International Federation of Freight Forwarders Association or FIATA, Bimco and the ICC) alongside eBL platform providers to develop an interoperable model.
With this digital trade solution, we could receive data from one trade platform via Application Programming Interface (API) and pass it to a different platform. This allows companies to trade with each other and exchange eBLs, regardless of eBL platforms. This means that customers need only sign up for one provider, speeding up document exchange while reducing costs, automating processes, and improving security. This drives greater supply chain interoperability and transparency in international trade.
Using an Electronic Transport Document API that leverages DCSA’s industry specifications, in collaboration with authorized eBL providers like edoxOnline, a series of interoperability trials were conducted in early 2023 to understand the solution’s potential in enabling timely and secure interactions between eBL platforms in a typical bill of lading lifecycle – creation, transfer and surrender – with Swift as a connecting network.
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