Standard Chartered goes live with CargoDocs
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.