Digital trade platforms WaveBL and TradeGo have made their systems interoperable, a move the pair said will allow “seamless, standardised” flows of electronic bills of lading (eBLs) for their customers.
Interoperability has been a key sticking point in the digitalisation of trade finance because corporates, banks and shipping providers may use different platforms when using eBLs and other digital trade documents.
“This integration allows issuers and carriers on the WaveBL platform to designate parties on the TradeGo platform directly – and vice versa – enabling secure, efficient and legally compliant document exchange across both ecosystems,” the companies said in a statement.
The firms said the relationship will help Israel-headquartered WaveBL customers access Chinese banks and corporates, while users of Singapore-based TradeGo will have better access to the several large container carriers that use WaveBL.
TradeGo executive director Steven Zhou said: “Through interoperability, users can complete cross-border document flows with a single click, no matter which platform they’re on, maintaining the same high standards of security and compliance while cutting transaction times from days to minutes and unlocking the full value of network effects.”
TradeGo has previously piloted transactions with Swedish fintech Enigio after their two eBL solutions were made interoperable.
WaveBL and TradeGo said “both platforms are partnering on a strategy to strengthen their existing customer networks by connecting with other platforms that cater to different jurisdictions and sectors”.
The two companies used API standards created by the Digital Container Shipping Association.
