Citi Bangladesh completes pilot paperless trade finance transaction in TradeLens

The process resulted in a 10-day reduction of document processing time.

Citi Treasury and Trade Solutions (TTS) Asia Pacific has completed its pilot paperless trade finance transaction using the TradeLens platform.

TradeLens is a blockchain-based shipping platform jointly developed by IBM and GTD Solution, a subsidiary of shipping company AP Moller-Maersk. It provides shippers, cargo owners, freight forwarders, banks and carriers with an end-to-end solution for processing the issuance, transfer, and surrender of original bills of lading, according to Citi.

Under the transaction, Citi Bangladesh facilitated the import of agrochemical products from India to Bangladesh using an entirely paperless process.

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The process also resulted in a 10 day reduction of document processing times, front he usual 20 to 25 days, reducing costs related to paperwork, postage, port demurrage, and transport.

Digitized documents included the electronic Bill of Lading issued directly from the carrier as well as the Commercial Invoice, Packing List, and Certificate of Origin.

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