Credit Suisse & Westpac complete first CargoDocs eDocumentary Collection transaction
Credit Suisse and Westpac recently concluded their first ever CargoDocs eDocumentary Collection transaction.
The trade involved a bulk Agri shipment of Brazilian soybeans transported from Rio Grande, Brazil to Phu My, Vietnam.
Credit Suisse acted as the remitting bank on behalf of the exporter, a major global agribusiness and food company, while Westpac acted as collecting bank on behalf of the importer in Asia.
Under electronic Documentary Collections, transactions are handled by the banks as per usual, but through an exchange of eDocs - including electronic Bills of Lading – instead of paper documents, therefore enabling simultaneous settlement and transfer of title.