Toronto, Canada, 19th September 2023 – Surecomp today announced that its RIVO™ solution is enabling unified electronic Bills of Lading (eBL) processing across various issuers, having successfully completed multiple ownership changes of a transaction between German corporates MAN and Voith.
Serving as a centralized hub through which all parties can access, track and manage the title ownership of eBLs, the transaction – supported by ICC Germany, the German National Committee of the International Chamber of Commerce (ICC) – was executed by leveraging the seamless integration with WaveBL, one of several leading providers of digital trade document exchange with whom RIVO™ is connected. Through RIVO, machinery exporter Voith proved it is possible to present and exchange an eBL under an electronic Letter of Credit with German-based manufacturing company MAN Truck & Bus, who acted as the importer in this transaction. During the workflow – in collaboration with their respective banking partner, a leading Asian bank – the title ownership of an eBL was efficiently changed using WaveBL.
Significantly enhancing efficiency and scalability, RIVO™ allows trade counterparties to communicate in real-time and to manage eBLs aggregated in a common platform. This enables greater operational stability and scalability across global teams, and provides the foundation for advancements in digital document exchange facilitated by the recent passing of the UK Electronic Trade Documents Act (ETDA).
“Surecomp is an important partner for ICC Germany in helping to digitise foreign trade,” says Oliver Wieck, Secretary General at ICC Germany. “These pilot transactions not only demonstrate the great need for and interest in driving paperless trade, but also illustrate the enormous potential when committed global players unite towards a common goal.”
“This collaboration perfectly demonstrate why RIVO™ was designed,” says Enno-Burghard Weitzel, Surecomp’s SVP of Strategy, Business Development and Digitization. ”Bringing together corporate traders, their banking partners and fintechs to facilitate transactions and accelerate processes – hence removing the barriers to international trade – is precisely what we set out to achieve, so we are delighted to see it in action.”
“Electronic trade documents is not a futuristic vision, it is happening now,” says Ofer Ein Bar, WaveBL’s VP Business Development. “Now that major barriers have been removed following the approval of the ETDA, we can look towards a future with paperless trade documents, and pave the way for data-based trade finance products.”
The Voith Group is a global technology company. With its broad portfolio of systems, products, services and digital applications, Voith sets standards in the markets of energy, paper, raw materials and transport & automotive. Founded in 1867, the company today has around 21,000 employees, sales of € 4.9 billion and locations in over 60 countries worldwide and is thus one of the larger family-owned companies in Europe.
MAN Truck & Bus is one of Europe’s leading commercial vehicle manufacturers and providers of transport solutions with annual sales of around € 11 billion (2022). The product portfolio includes vans, trucks, buses, diesel and gas engines as well as services related to passenger and freight transport. MAN Truck & Bus is a TRATON SE company and employs approx. 35,000 people worldwide.
About ICC Germany
ICC Germany is the German National Committee of the International Chamber of Commerce (ICC) – the institutional representative of 45 million companies in more than 100 countries. The ICC works to promote international trade, responsible business conduct, and a global approach to regulation, and, against that backdrop, aims to foster international trade digitization efforts. ICC Germany represents the German members within the worldwide ICC organization. Members include representatives from industry, transport and trade logistics, finance, law firms as well as chambers of commerce.
WaveBL is a blockchain-based digital document courier platform that mirrors the traditional process for transferring original paper documents – electronically. The solution enables instant, encrypted, and authenticated transfer of electronic Bills of Lading and other vital trade documents. The eBL platform is designed to meet the needs of every member along the supply chain.