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Olam International goes live with CargoDocs

Tags
Olam
Agribusiness
soybean
trade finance
CargoDocs DocEx
electronic bill of lading
ePresentation
Brazil
China
Digitization
digital transformation
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Leading global agri-business, Olam International, recently completed its first ever live transaction using CargoDocs electronic Bills of Lading (eB/Ls) combined with ePresentation.

The trade, executed towards the end of 2018, involved a bulk shipment of Brazilian soybeans exported from Brazil to China. 

Olam International was the Trader in the transaction, which involved a Brazilian Shipper and a European Receiver. 

Via the CargoDocs solution, Olam received an electronically endorsed eB/L from the Shipper based in Brazil, which was subsequently electronically endorsed by Olam to the Receiver. By using CargoDocs ePresentation under Bills for Collection, the eB/L and supporting documents were electronically presented by Olam to its bank, who subsequently ePresented the documents to the Receiver’s Collecting Bank.

Olam’s go-live with CargoDocs is a part of its company-wide digitization strategy covering various initiatives across businesses and countries within the organization. Via CargoDocs, Olam is aiming to achieve greater visibility and real-time monitoring of its trades, reduce operational risks arising from manual document handling, and reduce delays arising from physical movement of documents – thereby enabling the company to increase efficiency across its supply chain while benefiting from significant time and cost-savings.

We look forward to continuing to support Olam on its ongoing journey to digital transformation!