China’s CITIC Bank has processed the first end-to-end ePresentation business under letter of credit in China, in collaboration with Bolero.

The transaction, which also involved BHP Billiton, ANZ China and Sichuan Emei Ferroalloy Import & Export, featured an electronic bill of lading using Bolero’s online platform.

“This business filled a gap in electronic documents under the credit, especially in electronic bills of lading that the Chinese financial sector has failed to break through for a long time. It is a major innovation and breakthrough in international business for banks,” Bolero says in a statement.

According to the IT provider, the cost of processing various documents in international trade accounts for approximately 3 to 5% of the cost of trade. “This [transaction] pattern makes the entire trade process paperless, accelerates the flow speed of documents and goods, reduces transactions and management costs, and improves the level of enterprise management enabling supply chain management truly effective in the actual operation of enterprises. It is the new direction of development in goods trade and international settlement,” the firm adds.