Debate persists on when an independent undertaking is issued: upon leaving the issuer’s control or only when advised to the beneficiary. Various rules clarify issuance timing.
Digital information tech company Enigio announced on 31 May 2023 that it has completed its first digital end-to-end trade document transaction using trace:original, the Enigio- designed solution for digital original documents.
The transaction supporting the shipment of paper product goods from Belgium to India involved multiple parties and types of documents. As described in an Enigio statement, freight forwarder Fr. Meyer’s Sohn organized the transportation and subsequently issued electronic bills of lading. Global trader Th Brunius & Co AB added trade documents including invoice, packing list, insurance policy, and certificate of origin. The documents were received digitally by the Indian importer as well as Fr. Meyer’s Sohn in India who released the goods.
The trade document transaction enabled the involved parties to sharply reduce document transaction time, courier costs, fraud risk, and eliminate use of paper documents in the trade finance process.
According to Enigio, the transaction was based on contract law pending the Electronic Trade Documents Act coming into force.
Debate persists on when an independent undertaking is issued: upon leaving the issuer’s control or only when advised to the beneficiary. Various rules clarify issuance timing.
On 15 Feb 2023, DCSA members pledged to issue 50% of bills of lading (B/Ls) electronically by 2028 and 100% by 2030, aiming to cut costs and boost global trade.
