Previously, the majority of bills of lading were issued in paper format, and the time taken for their exchange could extend up to a week. However, through the adoption of a digital solution, Federal Bank has remarkably reduced this lead time to just 3 hours for its clients, completely eliminating the need for bulky paper documents. This successful pilot transaction highlights Federal Bank's dedication to delivering smooth, environmentally friendly, and customer-centric banking services. Moreover, the digitalization process mitigates the risks associated with forgery, loss, and theft of paper documents while also aligning with ESG principles by curbing paper usage and reducing carbon emissions typically associated with courier services.
Rathna Mala L V, Senior Vice President and Zonal Head (CIB), Federal Bank commented, “We are extremely delighted to announce that Federal Bank is the first Indian Bank to have completed the pilot digital Export Document collection transaction using the WaveBL platform. Digital transactions eliminate manual paperwork and streamline processes, resulting in faster turnaround times and improved operational efficiency. There are substantial savings in time and resources for both the Bank and customers in addition to having a favorable environmental impact”.
“Federal Bank and WaveBL are committed to driving innovation and sustainability in trade finance. This milestone underscores our shared vision of leveraging technology to deliver superior banking solutions that empower businesses to thrive in an increasingly digital world. We’re happy to have Federal Bank on the WaveBL network", Ofer Ein Bar, VP Financial Institutions, WaveBL.
Egidio Giacomini, President of The Giacomini & Gambarova Srl. Group of Companies said “As the importing partner in this ground-breaking initiative, Giacomini is excited to embrace the WaveBL platform in partnership with Federal Bank and Kerafibertex International(p) Ltd. This adoption signifies a major advancement in our importation processes, offering unprecedented levels of transparency, security, and efficiency. The blockchain technology underpinning WaveBL ensures that every transaction is immutable and traceable, providing us with a new level of confidence in the integrity of our supply chain. We look forward to the enhanced operational synergy and environmental benefits this technology brings to our global trade operations”.
“We at Kerafibertex International (P) Ltd, are thrilled to pioneer the adoption of WaveBL’s blockchain-based electronic bills of lading platform in partnership with Federal Bank, marking a significant leap forward in enhancing the efficiency and security of our supply chain operations. This innovative approach not only streamlines our documentation process but also significantly reduces the environmental impact by transitioning to a paperless system. We are proud to set a new standard in the maritime logistics sector, reinforcing our commitment to leveraging cutting-edge technology for sustainable and efficient trade practices”, said Noby P S, Director, Kerafibertex International(p) Ltd.