Evergreen to Digitize Bills of Lading
Evergreen Line, the sixth largest shipping company, has announced it will introduce a paperless Bill of Lading (B/L) in partnership with trade finance digitization solutions provider Bolero International.
Bolero International, which delivers electronic bill of lading (eBL) services to customers, will provide Evergreen with a technology that promises to lower shippers’ costs while making data transfer more accurate, efficient, reliable and secure.
The company is the first container carrier to integrate with Bolero’s electronic Bill of Lading (eBL) solution.
Evergreen’s ShipmentLink digital portal will integrate with Bolero’s eBL technology, which includes i-B/L (intelligent Bill of Lading) and i-Dispatch, a solution that delivers documents associated with such transactions.
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The carrier has claimed that the integration, and the expansion of its portal into high-volume container trades, will improve connectivity for exporters and importers with banks, insurers, regulators, customs and port authorities.
Evergreen also stated that an advantage for its container shippers will be the rapid issuance and transmission of the i-B/L.
This will be particularly helpful for short-sea shipments when a paper Bill of Lading can sometimes arrive later than the vessel, making it difficult for importers to pick up cargo on a timely basis.
The paperless services will also allow reviews and alterations to be undertaken online, as well as speed up cash-flow by avoiding the delays associated with traditional documents.
Carriers can also release goods, and banks can release payment to shippers far more quickly.
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The new i-Dispatch function will facilitate the electronic exchange of the wide range of documentation associated with shipments in addition to the B/L, such as packing lists, commercial invoices, certificates of origin and other customs-related credentials, licenses and inspection reports.
This will help avoid the dangers of loss, fraudulent copying and errors associated with paper documents.
Where necessary, transmission can also be in an encrypted form.
Bolero recently partnered with fintech consortium R3 to redesign its eBL service using blockchain technology.
In a statement following the announcement of the partnership, Ian Kerr, CEO, Bolero, said: “We are delighted that Evergreen, such a major global container carrier, is partnering with us to help transform an industry on which world trade depends.
“Bolero’s eBL platform has already been proven in bulk cargo trades and initial container-based transactions by corporates such as Cargill, BHP Billiton and Reliance Industries, but now with Evergreen we are taking a very significant next-step in the digitization of world trade by putting our technology at the disposal of a wider community of container shippers and NVOCCs.”
[Correction: This article wrongly stated that blockchain technology was used in the technology being supplied to Evergreen from Bolero International]
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