WaveBL, a blockchain-based electronic Bill of Lading (eBL) platform, has completed a Proof of Value (POV) with Swift and the participation of five global banks: Lloyds, Emirates NBD Bank, Federal Bank Limited, and other banks, as well as MSC, a leading ocean carrier acting as an eBL issuer on WaveBL.
This POV marked a significant milestone by demonstrating the efficient transfer of structured electronic document presentations, including eBLs, within Swift’s network as part of a Letter of Credit transaction.
Utilizing Swift’s FIN messages and FileAct transfers, the initiative showcased seamless operations across banking channels, maintaining secure possession and management of electronic trade documents within WaveBL’s ledger system.
The POV utilized two types of eBLs—straight and negotiable—both issued by MSC, highlighting the versatility and robustness of WaveBL’s technology in handling complex trade documentation.
This development reinforces WaveBL’s commitment to fully integrating its network with the global financial infrastructure, facilitating smooth transactions between Swift members and enhancing connectivity within the financial and supply chain sectors.
The successful POV aligns with the goals of the FIT Alliance Declaration of September 2023, pushing forward the agenda for 100% adoption of electronic Bills of Lading.
The banks involved have shown a keen propensity for innovation, utilizing WaveBL to gain invaluable experience in the digital trade documentation landscape through real-world transactions.
As a next step, WaveBL, Swift, and the participating banks have formed a joint working group to delve deeper into the methodologies and structures of Swift’s MT messages and the electronic presentations tested during the POV, aiming to refine and expand these digital solutions further.