Select
Category

Service Co.
registration

Signup/Login
ARZEGA

Tool set

Category

Sibos 2024: MSC integrates blockchain bills of lading with Swift network

Mediterranean Shipping Company (MSC) has completed a proof of value (POV) project with WaveBL to test the integration of blockchain-based electronic bills of lading (eBL) with Swift’s banking network.

Estimated reading time: 1 minute

Mediterranean Shipping Company (MSC) has completed a proof of value (POV) project with WaveBL to test the integration of blockchain-based electronic bills of lading (eBL) with Swift’s banking network.

The project was conducted with participating banks including Lloyds, Emirates NBD Bank, and Federal Bank Limited. It tested the transmission of electronic trade documents between Swift member banks and WaveBL’s platform as part of letter of credit (LC) transactions.

The testing process utilised Swift FIN messages and FileAct transfers while maintaining document possession tracking on WaveBL’s distributed ledger. 

MSC issued two eBLs on the platform – one straight and one negotiable – which were subsequently processed through the banking system.

After the exporter added commercial documentation, including packing lists, invoices, and certificates of origin, the documents were transmitted to the advising bank via Swift’s network. The advising and issuing banks then exchanged the documentation while WaveBL’s system tracked the possession and title of the eBLs.

The process concluded with the issuing bank releasing documents to the LC applicant, including the endorsement of the negotiable eBL to the importer. Participants reported that this enabled payment processing within hours instead of days, allowing importers to collect goods without traditional documentation delays.

Andre Simha, Global Chief Digital and Innovation Officer at MSC, said, “MSC is committed to achieving full digitalisation of our bills of lading by 2030. This involves much more than streamlining processes. It embodies an ambitious vision that requires collaboration across both the shipping and finance sectors.”

arzega

Select whether you need business services or want to register your own business service company.

Register
factory

Services

arzega

The First and Largest International Terminal for Trade & Services

Buy and sell goods, raw materials, and services worldwide with ease.

Attention Traders, Manufacturers, Producers, Suppliers, and Wholesale Buyers!

The International Online Trading Terminal now extends its services to the Islamic Republic of Iran, facilitating global market access for Iranian businesses.

🎉 Free User Panel & License – Limited-Time Opening Offer! 🎉

Exclusive free access to business users in Iran until March 15, 2025 (Equivalent to Esfand 25, 1403).

💰 Membership Fee Post-Offer: €2500 for All Countries