IOC and HSBC use CargoDocs to complete first eDocs transaction under Letter of Credit for Canadian exports
The milestone transaction was executed using CargoDocs’ electronic Bill of Lading (eB/L) and ePresentation capabilities, covering the sale of iron ore concentrate under LC, for cargo shipped from Canada to China.
HSBC Canada acted as advising bank in the trade, on behalf of its exporter customer, IOC, while Ningbo Iron & Steel acted as buyer, and a leading China-headquartered bank acted as issuing bank. The transaction also marks the first use of CargoDocs ePresentation in North America for essDOCS bank customer, HSBC.
Commenting on the milestone transaction in a recent HSBC Canada announcement, Pascal Nobécourt, Commercial Manager, IOC, said: “This successful first ePresentation was made possible by a coordinated effort between essDOCS, HSBC, IOC, Ningbo and its team involved in the transaction. Thank you to all those who made it possible. Looking forward to continue our journey to digitalize our operations in 2021 and beyond."
Andrew Skinner, Head of Global Trade and Receivables Finance, HSBC Bank Canada, added: “Using the latest technology means we can help our clients complete transactions within hours rather than days or weeks. We’re excited about what this means for our customers, their customers around the world and the entire ecosystem.”