ING Bank goes live with CargoDocs
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.