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Nearly 50% of firms are now using electronic bills of lading (eBLs) yet only a fifth of banks currently support them, according to a survey of companies involved in international trade.\u00a0<\/span><\/p>\n Moving from paper bills to electronic equivalents is a crucial step towards digital trade and could cut direct trade costs by billions of dollars, according to industry estimates.\u00a0<\/span><\/p>\n A survey carried out by the Future of International Trade (FIT) Alliance, which brings together three major industry groups as well as Swift and the International Chamber of Commerce (ICC), finds adoption of eBLs has grown significantly in the last two years.\u00a0<\/span><\/p>\n The share of companies using a combination of paper and electronic bills has risen from 28% in 2022 to nearly 42% this year, with a further 7.5% using eBLs exclusively, finds the survey, which quizzed nearly 300 representatives from banks, shipping companies, freight forwarders and other parties.\u00a0<\/span><\/p>\n Of those still using paper documents exclusively, three-quarters now plan to transition to eBLs, it adds in a report published today. Adoption has been highest in Asia, now standing at more than 60%.\u00a0<\/span><\/p>\n However, respondents \u201cfrequently noted\u201d that their bank does not accept eBLs, the FIT Alliance says. \u00a0<\/span><\/p>\n Just 21% of bank representatives said their institution has adopted eBLs, and only 28% said they plan to start using them within the next two years, despite high rates of awareness in the sector.\u00a0<\/span><\/p>\n \u201cThis highlights structural and regulatory concerns within the financial sector that calls for further engagement, including mediating the hesitancy to adopt due to concerns about legal acceptance and interoperability with trade partners,\u201d the Alliance says.\u00a0<\/span><\/p>\n Despite a series of reforms in major jurisdictions that give electronic trade documents the same legal standing as their paper equivalents, regulatory barriers continue to prove a barrier to widespread adoption.\u00a0<\/span><\/p>\n The FIT Alliance says nearly 43% of respondents highlighted legal acceptance as a \u201csignificant obstacle\u201d. \u00a0<\/span><\/p>\n A paper published in June by the Digital Container Shipping Association (DCSA) and law firm Baker McKenzie studied the regulatory environment across 15 jurisdictions that together account for around 60% of global trade and identified a variety of challenges.\u00a0<\/span><\/p>\n In some cases \u201clegacy issues\u201d mean paper is still required, while in others, legal uncertainty stems from differences between national frameworks.\u00a0<\/span><\/p>\n Technological or platform-related issues present another challenge, highlighted by more than 70% of FIT Alliance survey respondents.\u00a0<\/span><\/p>\n Although several companies already offer eBL solutions, work is still underway to improve interoperability between different offerings and to establish which can be considered reliable systems for transferring title documents.\u00a0<\/span><\/p>\n \u201cWhile the industry has made notable strides in eBL adoption, it\u2019s clear that greater coordination and capacity building are needed to enable stakeholders across the supply chain to operate seamlessly with eBLs,\u201d the FIT Alliance says.\u00a0<\/span><\/p>\n \u201cThese findings will guide our efforts in 2025 as we work to foster a truly inclusive and interoperable digital trade ecosystem.\u201d\u00a0<\/span><\/p>\n Adoption does appear to be accelerating, however. \u00a0<\/span><\/p>\n The DCSA revealed in September that in the first half of this year, nearly 5% of bills of lading in containerised trade were digital \u2013 up from just 1.2% in 2021. It is already pushing for usage to double to 10% by the end of this year.\u00a0<\/span><\/p>\n In bulk trading, progress has been rapid. Shipping industry association Bimco revealed in July that its \u201825 by 25\u2019 campaign target \u2013 which commits members to use eBLs for at least 25% of shipments of one commodity \u2013 has already been reached.\u00a0<\/span><\/p>\n Bimco\u2019s chief digital officer, Grant Hunter, says today this figure \u201cis a shining and inspiring example to other companies looking to adopt eBLs\u201d.\u00a0<\/span><\/p>\n Pamela Mar, managing director of the ICC\u2019s Digital Standards Initiative, says the FIT survey\u2019s findings show eBL adoption is \u201con a clear upward trajectory\u201d.\u00a0<\/span><\/p>\n \u201cBy addressing challenges in standards, digital trust, and legal reform, the digital transformation of trade becomes inevitable,\u201d she says. \u201cThe future is clear \u2013 not just for eBLs, but for the digitalisation of financing and commercial processes around it.\u201d\u00a0<\/span><\/p>\n <\/p>","protected":false},"excerpt":{"rendered":" Nearly 50% of firms are now using electronic bills of lading (eBLs) yet only a fifth of banks currently support them, according to a survey of companies involved in international trade.\u00a0 Moving from paper bills to electronic equivalents is a crucial step towards digital trade and could cut direct trade costs by billions of dollars, […]<\/p>\n","protected":false},"author":1,"featured_media":3095,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-3094","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bez-rubriki"],"featured_image_src":{"landsacpe":["https:\/\/relinvestmentsgroup.com\/wp-content\/uploads\/2024\/12\/electronic-bills-1-1140x445.webp",1140,445,true],"list":["https:\/\/relinvestmentsgroup.com\/wp-content\/uploads\/2024\/12\/electronic-bills-1-463x348.webp",463,348,true],"medium":["https:\/\/relinvestmentsgroup.com\/wp-content\/uploads\/2024\/12\/electronic-bills-1-300x200.webp",300,200,true],"full":["https:\/\/relinvestmentsgroup.com\/wp-content\/uploads\/2024\/12\/electronic-bills-1.webp",1200,800,false]},"_links":{"self":[{"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/posts\/3094","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/comments?post=3094"}],"version-history":[{"count":1,"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/posts\/3094\/revisions"}],"predecessor-version":[{"id":3096,"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/posts\/3094\/revisions\/3096"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/media\/3095"}],"wp:attachment":[{"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/media?parent=3094"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/categories?post=3094"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/tags?post=3094"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}