Commerzbank, Siemens and freight forwarder Fr. Meyer’s Sohn (FMS) report that they have completed a test of digital trade transaction capabilities between Germany and China using an electronic bill of lading (eBL), under a letter of credit arrangement.
The proof of concept involved the transfer of digital original documents between a German exporter and Chinese counterpart using technology from Enigio and the Chinese trade platform TradeGo. The eBL was based on Digital Container Shipping Association (DCSA) standards.
The partners note that the collaboration cut document processing time from approximately two weeks to under two hours.
The initiative aimed to demonstrate the potential of electronic documents in cross-border trade while highlighting technical interoperability and legal feasibility. Enigio’s system was used to replicate the properties of paper documents in a digital format, while TradeGo ensured compatibility within the Chinese digital infrastructure.
“For Siemens, the project demonstrates more than just operational efficiency. It can be a door-opener for modernisation and digitisation of the export letter of credit business, setting a precedent for global exporters,” said Gerhard Heubeck, Global Head of Trade Finance of Siemens.
“This successful proof of concept is just the beginning, and a step forward to eliminate obstacles in the usage of digital shipping documents under letters of credit. It can contribute to make operations across our global supply chain more efficient and paper-less.”
