WaveBL Completes a New Groundbreaking Network Connectivity Proof of Value (POV) with Swift, the Participation of Five Global Banks, and Leading Ocean Carrier eBL Issuer MSC
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Describing the Flow of the POV:
The POV involved two eBLs—one straight and one negotiable—both issued by MSC on the WaveBL platform. The eBLs were first sent to an exporter on the WaveBL platform, where commercial documents like a packing list, invoice, and certificate of origin were added. These were then sent to the advising bank by the Platform over the secure and resilient Swift network, using an MT message and a FileAct document transfer. In turn, the advising bank and the issuing bank exchanged the presentation between them while WaveBL's ledger maintained the tracking of possession and title of the contained eBLs. Ultimately, the issuing bank released the documents to the LC applicant, who is the importer, including the endorsement of the negotiable eBL from the issuing bank to the order of the importer on the Platform, all of which was instructed to the Platform through a Swift MT message. This streamlined process allows for payments to be received within hours, rather than days - as is often the case with transactions that involve the physical transfer of documents. Similarly, with the eBLs surrendered back to MSC on the Platform, the importer was able to collect the goods at the port of destination without delay.
Strengthening the Supply Chain-Trade Finance Connectivity: The WaveBL Swift Gateway
This groundbreaking POV underscores WaveBL's dedication to making its network fully integrated with the financial system, allowing customers to seamlessly interact with Swift members and among participants themselves. For Swift members, electronic trade documents could soon be exchanged via WaveBL using their existing Swift infrastructure, and without requiring the installation or use of any specialized software or service.
WaveBL anticipates that the concept led through this POV will further its mission of creating seamless connectivity between the supply chain and financial markets, driving the shift towards 100% adoption of eBLs, as outlined in the FIT Alliance Declaration of September 2023. WaveBL is also looking forward to becoming the first electronic trade document provider to achieve full connectivity with the entire Swift community, allowing all banks a simple, standardized way to receive and send electronic bank presentations originated on the platform.
Innovative Approach by Leading Banks
The Participating Banks have all previously demonstrated exceptional innovation by using WaveBL as their entry point to the eBL market, gaining experience by exchanging electronic trade document presentations in live commercial transactions. As part of the POV, WaveBL, Swift and the Participating Banks established a joint working group aimed at analysing the methodologies and structure of the Swift MT messages and the electronic presentations proven during the POV. Their involvement highlights a joint commitment to advancing trade finance through digitization and embracing cutting-edge technologies for document exchange. WaveBL is eager to continue working with the joint working group as its expected integration with the Swift network unfolds.
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 with Swift, the Participation of Five Global Banks, and Leading Ocean Carrier eBL Issuer MSC){kind=logo}
