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Standard Chartered goes live with CargoDocs

Tags
Australia
back-to-back Letter of Credit
China
eDocs
electronic bills of lading
ePresentation
eUCP Presentation
Iron Ore
L/C
Letter of credit
shanghai
Standard Chartered
  cd tf1

Leading international banking group, Standard Chartered, recently completed its first live transaction using CargoDocs for a financed Iron Ore shipment, ex-Australia to China.

Standard Chartered acted as issuing bank on behalf of its customer, a leading global commodities trader, who traded the Iron Ore cargo through a back-to-back Letter of Credit transaction using CargoDocs eUCP Presentation.

The transaction also marks the first ever use of CargoDocs in a back-to-back ePresentation by both the advising bank of the first L/C, a major Australian essDOCS Bank customer, and the issuing bank of the first L/C, a leading Shanghai-headquartered banking group.

By using ePresentation under eUCP Letters of Credit, transactions are handled by the banks as per usual, but through electronic exchange and presentation of eDocs - including electronic Bills of Lading – instead of paper documents, therefore enabling efficient handling and controlled transfer of title.

Read more about CargoDocs for Trade Finance

Find out which Banks are currently using CargoDocs across the globe