Contour, the global digital trade finance network, has announced its collaboration with TradeLens, a blockchain-based supply chain platform that enables the secure and transparent transfer of electronic Bills of Lading (eBL).
The Contour-TradeLens collaboration is expected to merge direct access to major ocean carriers with an established trade finance network.
Through partnerships like this, corporates and banks sync their trade finance requirements with the physical shipment and benefit from an interoperable, end-to-end paperless transaction, said Contour in an announcement, adding that digitally transforming eBLs will simplify and streamline the entire trade finance process.
“Combining our ecosystems will accelerate the use of eBLs and create secure workflows with trusted data from blockchain verified documents,” noted Kim Spalding, CEO of GTD Solution and the TradeLens platform.
The TradeLens eBL simplifies the issuance, transfer and surrender of original shipping documents by digitising this transfer of title process. It is an eBL solution that facilitates information exchange for more than 65% of containerised trade. Direct integration with ocean carriers allows for a native issuance of a digital BL in a structured format as soon as it is published.
Carl Wegner, CEO at Contour, commented, “Our collaboration with TradeLens brings us closer to our goal of establishing a truly global and digital trade finance ecosystem. With rising complexities in supply chains and markets across the world, digital transformation is crucial to addressing many of these challenges. Through strategic partnerships with leading industry players, we can accelerate this shift towards digitisation and drive the trade finance industry forward.”
