U.S. Bank reports that it has completed its first fully digital trade finance collection transaction, becoming the first American bank to use the blockchain-based WaveBL platform for encrypted document transfers.
The transaction was supported by MSC (Mediterranean Shipping Company), which issued the electronic bill of lading and managed the cargo shipment. U.S. Bank acted as the presenting bank for the exporter, a US-based publicly traded company.
The WaveBL system enables the secure exchange of trade documents between exporters, importers and their banks, removing the need for physical couriers. The digital process cut the document transfer time from several days to just minutes.
“Our clients are looking for smarter, more efficient ways to manage their import and export activities,” said Christine Bravo, Senior Vice President, U.S. Bank.
“This fully digital process is a step toward delivering the speed, transparency and reliability businesses need in today’s trade environment.”
