Select a page

Banking News

Citi TTS Executes Paperless TradeLens Blockchain Transaction

Citi TTS Executes Paperless TradeLens Blockchain Transaction

(21 September 2022 – APAC) Citi Treasury and Trade Solutions (TTS) has executed its first fully paperless trade transaction in Asia Pacific (APAC) with TradeLens’ blockchain-based document-sharing platform.

The deal encompassed trade documents, including the bill of lading, commercial invoice and certificate of origin, digitally exchanged and validated on the TradeLens platform, allowing agrochemical company, Syngenta, to import products from India to Bangladesh CorproateTreasurer reports. The bank is “actively working” on commercialising its solutions in this area to benefit more of its client base.

 

“This successful pilot transaction serves as a clear example of the benefits of digitising trade. We were pleased with the results of the pilot, having seen reductions in document processing times and improved supply chain efficiency,” Citi TTS APAC Head of Trade, Kanika Thakur, stated to CorporateTreasurer.

 

“The acceptance of a standardised form of digital communication will be key to eliminating paper and improving efficiency. We will need to see standardisation in data management to enable interoperability between different systems and platforms and across different geographies. Legislation changes to recognise and legalise digital trade documents and digital title documents will be a key step” she added.

Comment on this article

 

Your comments will not be published. Required fields are marked *

 

Please enter the word you see in the image below:


Subscribe

Subscribe to our mailing list

Sign up now to keep up-to-date with the latest
market news and insights in B2B banking.

* indicates required

For more information please read our Terms and Conditions and Privacy Statements.