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Federal Bank has partnered with WaveBL, aiming to refine trade finance operations, delivering a smooth and effective service to customers, leading to savings in time and expenses for both involved parties.

In a joint statement, Federal Bank and WaveBL declared the successful execution of India’s first digital export collection bill transaction by a single bank. WaveBL’s platform employs groundbreaking blockchain technology to digitalise all trade document transfers while preserving their uniqueness and authenticity.

Aligning with Federal Bank’s strategic goals, this partnership aims to bolster its digital innovation capabilities in the market. 

The shift towards digitalisation not only mitigates the risks associated with physical document handling, such as forgery, loss, and theft but also supports Environmental, Social, and Governance (ESG) objectives by minimising paper usage and the carbon footprint of courier services.

With this alliance, Federal Bank positions itself as the pioneering India-based bank to carry out a cross-border trade transaction using WaveBL’s blockchain-based electronic Bill of Lading.

The joint endeavour seeks to enhance trade finance procedures, providing customers with an uninterrupted and effective service, leading to savings in both time and expense.

WaveBL’s platform is a digital electronic bill of lading (eBL) system that utilises proprietary blockchain technology for the electronic transfer of trade documents.

The WaveBL electronic shipping solution facilitates the instant, secure, and verified exchange of electronic Bills of Lading and associated trade documents. 

It adheres to universally accepted processes and regulations. Designed to accommodate the requirements of all trade participants, including shipping companies, agents, brokers, and banks, the platform has established significant partnerships with leading entities in global trade to accelerate digital adoption and integration.