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China Guangfa Bank goes live with CargoDocs

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China Guangfa Bank
Iron Ore
Australia
China
ePresentation
metals
CargoDocs
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Leading Chinese Banking Group, China Guangfa Bank (CGB), recently completed its first live transaction using CargoDocs for a financed Iron Ore shipment, ex-Australia to China.

CGB acted as issuing bank on behalf of its customer, a major state-owned Steel producer in China, who imported the Iron Ore cargo through a back-to-back Letter of Credit transaction using CargoDocs ePresentation.

By using ePresentation under eUCP Letters of Credit, transactions are handled by the banks as per usual, but through electronic exchange and presentation of eDocs – including electronic Bills of Lading – instead of paper documents, therefore enabling efficient handling and controlled transfer of title.

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