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Business EconomyPosted at: Mar 21 2024 9:31PM


Federal Bank completes single bank digital export collection bill transaction in India

Kochi, Mar 21 (UNI) The Federal Bank and the WaveBL have announced successful completion of the first-ever single-bank digital export collection bill transaction in India.
Earlier, vast majority of bills of lading were in paper form, and the lead time for handover of those copies used to extend up to a week. By transitioning to a digital solution, Federal Bank has reduced the lead time from up to a week to just 3 hours for its clients, with complete elimination of reams of paper.
This successful pilot transaction underscores Federal Bank’s commitment to providing seamless, eco-friendly, and customer-focused banking services.
The digitalisation also entirely eliminates the risk of forgery, loss, and theft of paper versions and aligns with ESG principles by reducing paper consumption and carbon emissions associated with courier services.
Rathna Mala L. V., Senior Vice President and Zonal Head (CIB), Federal Bank, said "Digital transactions eliminate manual paperwork and streamline processes, resulting in faster turnaround times and improved operational efficiency. There is substantial savings in time and resources for both the Bank and customers in addition to having a favourable environmental impact.”
“Federal Bank and WaveBL are committed to driving innovation and sustainability in trade finance. This milestone underscores our shared vision of leveraging technology to deliver superior banking solutions that empower businesses to thrive in an increasingly digital world. We're happy to have Federal Bank on the WaveBL network.” - Ofer Ein Bar, VP Financial Institutions, WaveBL.
Egidio Giacomini, President of The Giacomini & Gambarova Srl. Group of Companies said that “As the importing partner in this ground-breaking initiative, Giacomini is excited to embrace the WaveBL platform, in partnership with Federal Bank and Kerafibertex International(p) Ltd. This adoption signifies a major advancement in our importation processes, offering unprecedented levels of transparency, security, and efficiency. The blockchain technology underpinning WaveBL ensures that every transaction is immutable and traceable, providing us with a new level of confidence in the integrity of our supply chain."
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