Latest news with #WaveBL
Forbes
5 days ago
- Business
- Forbes
Trade Finance Is (Finally) Going On-Chain
Trade finance is just the latest sign of institutional adoption In the aftermath of crypto week there is certainly going to be plenty of discussion around the future of cryptoassets in the United States from a policy perspective, but even while that continues to dominate headlines, blockchain adoption continues to accelerate virtually unabated, albeit in an under-the-radar manner. In the immediate run-up to crypto week it was announced that U.S. Bank had completed its first fully digital trade finance transaction, highlighting the shift away from paper-based processes in international trade. As the first American lender to execute such a transaction using WaveBL – a blockchain that enables encrypted document transfers between trading partners and financial institutions – will have ramifications far beyond the specifics of this individual transaction. The Digital Container Shipping Association, representing nine (9) of the world's ten (10) largest container lines, has set a target of issuing 100% of bills of lading in an electronic format by 2030. According to research by the Asian Development Bank estimates that there is potentially $1.5 trillion of trade finance opportunities that have remained untapped, excluding small to medium size businesses. With the speed and transparency provided by blockchain based trade financing agreements, much of this gap can be closed; the DCSA goal toward 100% electronic bills of lading will only accelerate the pace at which this goal is achieved. Outside of the direct benefits to the shipping industry and affiliated entities, lets' take a look at a the benefits this change will create. Regardless of the political turmoil and debate around the cryptoasset sector the fact remains that institutional adoption has continued virtually unabated. Even as the retail market and utilization of crypto, in the form of stablecoins of other iterations, remains stagnant, the influx of institutional investors and attention the space is worthy of attention. Be it the increasing expansion of crypto services by payment processors such as PayPal, Visa, and Mastercard, or the deployment of crypto-native solutions by banking titans such as J.P. Morgan Chase the landscape has shifted in a definitive manner. Crypto transactions, the processing of said transactions, and the benefits of these transactions are increasingly clear to institutions that handle and process trillions of dollars of transactions on an annual basis. Coupled with the regulatory progress being made related to stablecoins, which in and of themselves combine the benefits of on-chain transactions with the stability of the U.S. dollar, and the implications for the dollar-based reserve banking system are clear. Dollars will be going on-chain and will build on existing efforts to tokenize U.S. Treasuries – the largest and most liquid market in the world – to an even greater extent moving forward. Policy debates will occur, but crypto advocates and investors alike should keep an eye on the bigger picture as blockchain and tokenized asset adoption continue to accelerate.
Yahoo
23-04-2025
- Business
- Yahoo
Improving Financing Flow: CZ Cuts Trade Financing Processing Time with Mizrahi Tefahot Bank in the UK by 95% with WaveBL Digital Documentation
WILMINGTON, Del., April 23, 2025 /PRNewswire/ -- The OpportunityAs a leading supply chain services company operating in the UK, CZ, sought to streamline its trade finance operations and reduce the time-intensive processes associated with paper-based trade documentation. Traditional trade processes often involve multiple parties, high administrative costs, and lengthy timelines. This creates friction in global trade, particularly for fast-moving commodities like sugar. The growing adoption of digital trade solutions, such as electronic Bills of Lading (eBLs), allowed CZ to embrace fully digital trade documentation, enabling faster financing, reduced costs, and greater operational efficiency. The Solution CZ successfully executed its first fully digital trade financing transaction using WaveBL. This milestone transaction showcased the power of end-to-end digital trade processes: Issuance of eBL: The Mediterranean Shipping Company (MSC) issued an electronic Bill of Lading (eBL) on WaveBL and transmitted it to CZ. Compilation of Supporting Documents: CZ added electronic versions of the necessary trade documents, such as invoices and letter of instructions to the bank, to the WaveBL platform. Document Submission to the Bank: CZ sent the eBL and supporting documents to Mizrahi Tefahot Bank LTD, UK via WaveBL for review and processing. Financing Approval: The bank validated the documents against compliance requirements and promptly provided financing to CZ. Document Transfer to Importer: The bank forwarded the complete set of electronic documents to the importer in Israel, ensuring a seamless and efficient transaction. This streamlined process eliminated the need for physical documentation, saving significant time and reducing administrative burden for all parties involved. By now, CZ, fully transformed the flow and completed dozens of transactions. The Impact CZ experienced transformative benefits from this digital-first approach: Faster Financing: Traditional transactions take several days to get to the bank, and take 15–25 days until reaching the importer. This is now completed in hours, enabling quicker access to working capital. Enhanced Security: Documents were transmitted securely via WaveBL's blockchain-backed platform, mitigating risks associated with physical document loss or forgery. Cost Savings: The elimination of paper documentation reduced courier costs, printing expenses, and administrative overhead. Seamless Collaboration: WaveBL's platform provided a unified space for collaboration between CZ, its financial institution, and MSC, ensuring all parties remained synchronized throughout the process. "This digitised way of working represents a turning point in how we approach trade finance. By adopting WaveBL's digital platform, we've cut processing time from weeks to hours while ensuring security and transparency at every stage. This success sets a strong foundation for leveraging digital trade documentation in future operations."— Tanya Epshteyn, Associate Director, Head of Structured and Trade Finance, CZ CZ's journey showcases how fully digital trade documentation can revolutionize the way businesses manage international trade. By leveraging WaveBL, CZ demonstrated the power of faster financing, reduced costs, and secure collaboration. This success sets a benchmark for companies across industries, proving that embracing digital trade solutions is essential for staying agile, efficient, and competitive in today's global market. The bank, Mizrahi Tefahot Ltd in the UK, by using the WaveBL platform, allows its customers access for a very efficient and friendly way to manage their trade documentation, increasing their satisfaction from the services they receive. "The type of deals that CZ manage with their bank showcase that electronic trade is not limited to Letters of Credit and Collection but is everywhere in the Global Trade Finance arena." says Ofer Ein Bar, VP Financial Institutions at WaveBL. "The use case of using electronic documents to shorten the preliminary processes to financing, and at the same time reduce costs with a friendly and efficient user experience is a game changer for Global Trade. It will help to resolve the huge gap of financing so needed to support the growth of global trade." Photo - For inquiries: Ofer Ein View original content: Sign in to access your portfolio
