Federal Bank & WaveBL team to deliver trade finance solutions

By Gloria Mathias

Federal Bank and WaveBL, an Israeli-based FinTech revolutionising the trade finance sector have forged a strategic partnership, marking a milestone in global trade finance.

This collaboration aims to streamline trade finance processes, offering customers a seamless and efficient service that ultimately saves time and cost for both the stakeholders.

Federal Bank and WaveBL have collaboratively announced the successful completion of the first-ever single-bank digital export collection bill transaction in India. WAVE BL provides an innovative blockchain-based business technology solution that enables the transfer of all trade documents digitally while maintaining the uniqueness and originality of documents.

The cooperation with WAVE BL is in line with the Federal Bank strategy, as it will enhance its digital innovative capabilities in the market. The digitalization also claims to completely eliminate the risk of forgery, loss and theft of paper versions and aligns with Environmental, Social, and Governance (ESG) principles by reducing paper consumption and carbon emissions associated with courier services.

Through this partnership, Federal Bank becomes the first India-based bank to execute a cross-border trade transaction using blockchain-based electronic Bill of Lading provided by WaveBL.

The collaboration aims to streamline trade finance processes, offering customers a seamless and efficient service that ultimately saves time and cost.

WaveBL is a digital electronic bills of lading (eBL) platform using proprietary blockchain technology to transfer electronically trade documents.

The WaveBL electronic shipping solution enables the instant, encrypted, and authenticated transfer of electronic Bills of Lading and related trade documents. The platform complies with universal processes and regulations in use. The platform is designed to meet the needs of all parties involved in trade, including shipping companies, agents, brokers, and banks. WaveBL has strong alliances with leading companies in global trade to drive faster digitalization and adoption.