Louis Dreyfus Company and Natixis complete first CargoDocs Metals transaction
essDOCS customers Louis Dreyfus Company (LDC) and Natixis recently completed their first ever CargoDocs Metals transaction. The trade involved transfer of electronic Bills of Lading (eB/Ls) under eDocumentary Collection. It also marked the first ever use of CargoDocs for a shipment out of Peru, the first for a shipment into Namibia, and the first live use of the solution by the Agents, Tramarsa.
Specifically, LDC exported a cargo of copper concentrate from Callao, Peru, to Walvis Bay, Namibia. Natixis acted as remitting bank on behalf of the LDC exporting entity.
Under electronic Documentary Collections, transactions are handled by the banks as usual, but through an exchange of eDocs (including electronic Bills of Lading) instead of paper documents. This enables simultaneous settlement and transfer of title.
LDC continues to expand its use of the CargoDocs solution, implemented within the framework of a trade digitization strategy to increase efficiency across its trade/finance processes. By digitizing its trade document handling, LDC aims to achieve a significant reduction in operational risks, executing shipments with improved transparency and visibility while slashing potential delays arising from document discrepancies.
According to a senior Natixis Commodity Trade Finance representative, “by joining the essDOCS community, Natixis takes a further step into its digitization journey and expects to enhance its client experience by offering a faster service. Internally it also enables the bank to improve efficiency when processing such transactions.”