As invoices for products that are sent, bills of lading play a crucial role in international trade. Owing to the need for physical possession, digital adoption has been sluggish despite its significance. Blockchain technology is used by electronic trade documentation platforms, such as Israel's WaveBL, to guarantee authenticity and expedite trade procedures globally. This allows for the smooth transmission of fully digital Bills of Lading.

With Lloyds Bank's recent integration into the WaveBL platform, its clients can now transfer fully digital eBLs based on blockchain between organizations on the WaveBL network—which has 136 members, including four of the top 10 container shipping companies in the world—securely and easily.


In a recent transaction, Somerset-based supplier Paull's Matting imported items from an Indian exporter on behalf of Lloyds Bank. An eBL issued by Mediterranean Shipping Company using WaveBL was used in the transaction, which was executed from Federal Bank to Lloyds Bank via Federal Bank.

When compared to traditional paper-based methods, this digital solution drastically shortened completion times, expenses, and administrative difficulties, cutting them from 15 days to little over 24 hours. Furthermore, payment was made easier with the use of a digital Promissory Note (dPN), which increased productivity and did away with the necessity for physical paperwork exchange.

Digital commerce in operation

"Combined, the eBL and the dPN have eliminated the need for any physical paper to change hands," stated Rogier van Lammeren, head of trade and working capital solutions at Lloyds Bank. As a result, the transaction has gone more quickly, reducing the risk, expense, and administrative burden for the participating firms while also assisting in shortening the working capital cycles of the parties.

"We're excited to assist more businesses in realizing the substantial advantages that digital trade presents."

"The WaveBL platform boasts a proven track record in managing electronic trade documents, with over 500,000 electronic bills of lading issued via our platform since its inception," stated Ofer Ein Bar, vice president of financial institutions at WaveBL.

It is a smooth extension of our trade digitalization initiative to use eBLs and other electronic trade papers in a bank presentation. We're honored to work with Federal Bank and Lloyds to lead this initiative together.