INTTRA introduces industry first multi-party electronic bills of lading

2012 03 10

INTTRA in collaboration with Fonterra, a major exporter of dairy products, says it is delivering the sea freight industry's first standardised electronic bill of lading.

Using the e-bill of lading process, sellers/exporters can accelerate the order-to-cash cycle, reduce days of sales outstanding and generate significant cost savings by reducing or eliminating courier and discrepancy fees, a statement said.

In addition, e-B/Ls are designed to facilitate faster access to goods for buyers. This new electronic process can impact over 15 million ocean shipments that rely on courier delivery of paper B/Ls each year as the document of title to goods.

"We are pleased to deliver a standardised multi-bank, multi-carrier electronic B/L solution to Fonterra, in association with SWIFT and Bolero, which utilises Bolero's proven technology and legal framework to reduce costs and streamline global supply chains," said Ivan Latanision, INTTRA, senior vice president, product management.

"This multi-party e-B/L solution streamlines electronic title transfer for shipments involving letters of credit or collections and connects the physical supply chain with the financial supply chain," Mr Latanision said.

Said Fonterra documentation manager Clyde Fletcher: "The potential savings from straight-through electronic processing and a faster supply chain are likely to be considerable for all parties."

Source Shipping Gazette - Daily Shipping News

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