China Guangfa Bank goes live with CargoDocs
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.
Find out which Banks are currently using CargoDocs across the globe
Find out which Metals & Minerals Shippers, Traders & Buyers are using CargoDocs across the globe