Friday, May 3 2024 | Time 01:35 Hrs(IST)
image
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."
UNI DS AKS
Please log in to get detailed story.
Tags: #Federal Bank completes single bank digital export collection bill transaction in India
More News
Adani Green secures USD 400 million from international banks for 750 MW power project

Adani Green secures USD 400 million from international banks for 750 MW power project

02 May 2024 | 9:40 PM

Ahmedabad, May 2 (UNI) Adani Green Energy Ltd (AGEL), India’s largest and one of the world’s leading renewable energy (RE) companies, on Thursday announced USD 400 million financing for its under-construction 750 MW solar projects in Rajasthan and Gujarat by a consortium of five leading international banks.

see more..

Bayer acquires remaining 25 pc stake in Bayer Zydus Pharma Pvt Ltd to secure full ownership

02 May 2024 | 9:36 PM

Kolkata, May 2 (UNI) Bayer Pharmaceuticals Private Limited and Zydus Lifesciences Limited (formerly Cadila Healthcare) on Thursday announced the successful conclusion of their joint venture (JV) - Bayer Zydus Pharma Private Limited (BZPPL).

see more..

AP: Interaction-cum-training program on PULSE held at RINL, Visakhapatnam

02 May 2024 | 8:41 PM

Visakhapatnam (Andhra Pradesh), May 2 (UNI) A one-day interaction cum training programme on PULSE [Profession Utility by Leadership Support & Encouragement] under the auspices of Management Services department was organized at Learning & Development Centre(L&DC) of RINL, the Corporate entity of Visakhapatnam Steel Plant (VSP), on Thursday.

see more..

Holoware forays into laptop segment

02 May 2024 | 6:55 PM

Chennai, May 2 (UNI) The Chennai-headquartered Holoware Computers on Thursday announced
its foray into the laptop segment.

see more..
Rupee falls 2 paise against USD

Rupee falls 2 paise against USD

02 May 2024 | 6:01 PM

Mumbai, May 2 (UNI) The Rupee on Thursday eased 3 paise to close at 83.46 against the USD on rising demand for US Dollar by bankers and importers, dealers at the Foreign exchange said.

see more..
image