Latest news with #eBL
Time of India
12-07-2025
- Business
- Time of India
Tata Steel executes first fully digital import transaction using e-Bill of Lading
Tata Steel completed its first paperless import transaction under a Letter of Credit, fully backed by digital processes, the company announced on Friday. The company carried out first digitized import shipment of coal using an Electronic Bill of Lading (eB/L) with full bank integration. In its efforts towards fully digitised and sustainable global trade, the company used eB/L for its coal import shipment from Queensland , Australia to Dhamra Port in Odisha , India. The transaction, backed by digital platform provider ICE Digital Trade's eBL solution, involved coordination between Tata Steel India, ICICI Bank , TS Global Procurement, and Standard Chartered Bank (Singapore). Electronic Bill of Lading (eB/L) is a digital version of the traditional paper document used in global shipping. Tata Steel aims to make its supply chain eco-friendly, as a step to fulfil its sustainability objective of achieving Net Zero by 2045. Live Events "This is a big step forward in making our supply chain smarter and more eco-friendly. By embracing eB/L, we are cutting through traditional bottlenecks and setting a new standard for how goods move globally. It reflects our commitment to building a supply chain that is not just efficient and secure, but also environmentally responsible," said Peeyush Gupta, Vice President - TQM, GSP & Supply Chain, Tata Steel. The digital transaction in imports and exports enables faster access to documents and higher compliance, the company said. 'This successful integration of banks and digital documentation marks a leap in trade finance. It enables faster access to documents, brings efficiency, and ensures higher compliance - everything a modern finance ecosystem needs," said Sandeep Bhattacharya, Vice President - Financial Control & Business Analytics, Tata Steel. By removing the need for physical courier services and paperwork, the new system significantly speeds up documentation and reduces risks. The company is taking several measures towards digitisation and environmental sustainability as it executed a blockchain-enabled, paperless trade transaction of steel export to a customer in UAE in 2021. Later in the year in November, the Company executed a blockchain-enabled paperless export order with a metals major in Bangladesh. Banks play a significant role in such transactions as overseas tech-enabled transactions pave the way for future foreign trade . 'The eB/L solution represents ICICI Bank's commitment to transform international trade through technology-driven innovation and strategic global partnerships, while adhering to industry-standard compliance. This is also part of our journey from Bank-to- Bank Tech—an evolution from a traditional bank to a tech-led Bank Tech institution," said Anubhuti Sanghai, Head of Transaction Banking, ICICI Bank. Digitisation of trade finance reduces timelines, eliminates risks and improves transparency in the process. 'The success of this landmark transaction marks a significant milestone in the digitisation of trade finance, significantly reducing timelines, eliminating risks and improving transparency. This achievement underscores our commitment to driving innovation and efficiency in global trade, while delivering greater speed, security and transparency to clients," said Maisie Chong, Global Head, Standard Chartered Bank. Tata Steel is working on more blockchain-based paperless transactions in geographies like Bangladesh, Europe, and the Middle East covering three different shipment modes - Road, Breakbulk, and Containers.
Yahoo
17-06-2025
- Business
- Yahoo
IQAX becomes first to launch DCSA-compliant eBL on GSBN
Global Shipping Business Network (GSBN) has announced that IQAX has become the first solution to integrate the Digital Container Shipping Association (DCSA) electronic Bill of Lading (eBL) API schema version 3.0. The deployment, which went live on 11 June 2025, was the result of a collaborative effort between GSBN, its carrier members, and IQAX, a global digital trade technology company. The teams collaborated to ensure that the API-based data exchange complies with regulations, resulting in the successful completion of the DCSA end-to-end conformance test. The DCSA eBL API v3.0 is now available to all DCSA carrier members on the GSBN platform, facilitating streamlined integration and expediting digital transition. IQAX CEO George Guo said: 'We are happy to support our carrier customers that are DCSA members such as Hapag-Lloyd, in implementing their preferred eBL standard. IQAX eBL is designed to prioritise the operational needs of container carriers as exemplified by this implementation. 'As the only eBL solution supporting all major international standards, we aim to offer greater flexibility and choice to carriers and their customers to accelerate eBL adoption and digital trade.' This integration is a major step forward in the digitalisation of trade documentation and builds on the increasing adoption of eBL. Since 2023, GSBN has implemented multiple eBL standards, including those from BIMCO and the DCSA. GSBN's blockchain-enabled infrastructure has processed more than 550,000 eBLs across more than 100 countries. The consortium is also engaging with future data model initiatives, such as the UN/CEFACT Multimodal Transport Reference Data Model and ISO 5909, to further harmonise and scale the digitalisation of trade documents. GSBN CEO Bertrand Chen said: 'As the industry accelerates its transition to digital trade documents, it is vital that GSBN continues to support the diverse needs of all global trade stakeholders. 'With multiple standards and data models emerging across the ecosystem, there is a growing need for a universal 'data adapter', a mechanism that enables trusted data to be used for different trade scenarios, with the proper consent.' Furthermore, the consortium aims to ensure that digital trade brings inclusive benefits to all stakeholders in the trade ecosystem. This includes working with the International Chambers of Commerce's Digital Standards Initiative (ICC DSI) to enhance data harmonisation and maximise the benefits of digital trade. In 2023, IQAX partnered with COSCO Shipping Captive Insurance to showcase the capabilities of its eBL solutions. The partnership involved a four-party collaboration agreement with IQAX, COSCO Shipping Captive Insurance, COSCO Shipping Lines, and GSBN. "IQAX becomes first to launch DCSA-compliant eBL on GSBN" was originally created and published by Ship Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
