Nevertheless, both companies report rapid growth in the use of their platforms.ĮssDOCS now has over 4,000 companies set up on its solution, in comparison to only 100 five years ago, and anticipates growth of about 60% a year.īolero has seen a compound annual growth rate (CAGR) of over 26% in enrolled parties such as corporates, banks, carriers and logistics companies and insurers over the last 10 years. “When it comes to making trade paperless, e-bills of lading are particularly important because they represent a document of title for the goods.” “There is still a long way to go to move the trade industry into a digitised environment,” adds Ian Kerr, CEO of Bolero. “One problem associated with paper in trade finance is that it has to be couriered and this takes time and costs money.” “Companies are looking to automate their business and a lot of investment has been put into everything, from automating orders to their logistics processes, but when it comes to shipping from A to B this is still primarily done using paper,” says Ashley Skaanild, chief commercial officer at essDOCS. To a large extent, companies such as essDOCS and Bolero have paved the way for e-bills of lading and other e-documents with their respective CargoDocs and e-Presentation solution sets.īoth agree that much still needs to be done to drive the paper out of bills of lading.
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“The global infrastructure for this is not yet there – but we will see incremental steps taken towards the use of this technology.” “It involves maintaining an electronic record of the documents using a platform like essDOCS or Bolero,” says Johnson, noting that over time, this type of technology may be replaced by distributed ledgers. The second option, he explains, is much more technology-intense and involves removing paper from the process altogether.
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“Banks can enter arrangements with shipping lines to access and download e-bill of lading documentation – rather than waiting for a paper document to arrive.” “The first of these involves using trade document preparation technologies to electronify parts of the documents’ journey,” he says. Liz Salecka examines the benefits of, and challenges to, this approach – as well as the options available.Īlthough trade has traditionally been characterised by paper-based processes, the emergence of platforms that can electronify trade documents, such as bills of lading, is starting to have an impact.Īs a result, the question now facing many major companies involved in international trade is not whether they should electronify, but how they should go about it.Īt Bank of America Merrill Lynch (BofAML), Paul Johnson, managing director and senior product manager, trade and supply chain finance, explains that there are two main options when it comes to taking the paper out of bills of lading.
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The use of electronic bills of lading is gaining traction among large corporations looking to take paper out of trade processes.