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ING Bank goes live with CargoDocs

Tags
Agri
Agribusiness
Amsterdam
Brazil
China
Documentary Collection
electronic bills of lading
ING
trade finance
  Ing

Leading international banking group, ING, recently completed its first ever transaction using CargoDocs, going live with our CargoDocs eDocumentary Collection solution for an inter-regional Agri shipment.

The transaction involved a cargo of soybeans transported in bulk from Brazil to China, with the Amsterdam-headquartered bank acting as collecting bank on behalf of its customer, a leading global Agribusiness company.

ING’s first CargoDocs transaction also marks the first ever use of CargoDocs eDocumentary Collection by both the exporter, a major essDOCS Agri customer, and the exporter’s bank (or remitting bank), a Switzerland-headquartered essDOCS Bank customer.

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 and cover letters, therefore enabling simultaneous settlement and transfer of title.

Read more about CargoDocs for Trade Finance

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