Lloyds Banking Group has joined electronic trade documentation platform WaveBL.

Understood to be the first UK bank to join the blockchain-powered platform, Lloyds Bank said WaveBL would help unlock new trade efficiencies and sustainability benefits for its customers by using electronic Bills of Lading (eBLs).

An eBL is a document in international trade issued by a carrier when a seller dispatches goods to an end customer which acts as a ‘receipt’ for the goods being shipped. Once payment – or agreement to pay at a future date – for the goods is received, the eBL is released to the buyer so they can claim the product on arrival.

“Paperless trade is the future, with tremendous benefits on offer in terms of economic growth, increased efficiency, reduced risk and environmental sustainability,” said Rogier van Lammeren, head of trade and working capital products at Lloyds.

Van Lammeren went on to say that the new partnership is an example of collaboration and innovation, key factors that will drive and support greater adoption.

He continued: “Our clients now have easy access to a global platform for eBLs to complement our existing suite of digital trade documentation solutions – enabling them to capitalise on opportunities quickly and securely, while reducing their impact on the environment.”

The partnership with WaveBL comes as part of Lloyds Bank’s continued commitment and innovation in driving trade digitalisation and follows it becoming a signatory to the Future of International Trade (FIT) Alliance’s electronic Bills of Lading (eBLs) declaration in October 2023.

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