The transaction involved a mixed ePresentation issued subject to eUCP (e supplement to the Uniform Customs and Practice for Documentary Credits) against a letter of credit for a copper shipment. The beneficiary was a major international mining company, which sent the consignment to a Mumbai-based copper buyer.
Bolero hopes that this industry first will pave the way for other major international banks and corporates to move towards digitised trade into and out of India in the coming year.
NAB negotiating bank
National Australia Bank (NAB), the negotiating bank, spokesperson commented: “As Australia’s leading business bank we are committed to supporting our customers and helping them to achieve their goals. We are very pleased to be part of this development as Bolero pushes further into the e-documentation space.”
Future growth of ePresentation
The Bolero platform, which is underpinned by the ICC’s internationally-accepted eUCP standard, can be utilised to legally replace original paper documents with universally-accepted electronic ones, radically reducing the time they spend in transit. As well as accelerating the speed at which the documents are delivered, the ability to exchange ‘machine-readable’ structured data creates further opportunities for straight-through processing.
The increasing adoption of Bolero’s ePresentation systems has been extremely important for corporate enterprises, banks and their trading counterparties, and is expected to expand world-wide.
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