By removing the need to physically transfer documents within trade transactions, Lloyds Bank hopes to deliver faster, more affordable and more secure digital trade solutions for clients
Engio’s trace solution for creates and manages digital documents, including promissory notes, bills of exchange and bills of lading.
Just like paper documents, the digital versions created by trace can be owned, transferred between parties and originals can be distinguished from copies.
Through the partnership, Lloyds Bank and Sweden-based Enigio aim to expand the use of digital documentation in trade finance.
By removing the need to physically transfer documents within trade transactions, Lloyds Bank hopes to deliver faster, more affordable and more secure digital trade solutions for clients.
Lloyds Bank’s work with Enigio is part of its ongoing digital strategy and paperless trade initiative.
Gwynne Master, managing director of lending and working capital at Lloyds Bank, said: “We are excited to have taken another major step on our quest to digitise trade.
“Existing industry-wide trade solutions are, comparably, much slower, more cumbersome and more environmentally intensive than their digital counterparts, involving upwards of 28b pieces of paper, globally every year.
“We support the adoption of digital trade documents and look forward to collaborating widely with our clients and partner banks to support their continued uptake.”
Patrik Zekkar, chief executive officer of Enigio, said: “We are pleased to enter into a long-term partnership with Lloyds Bank, as it has been instrumental in the journey of enhancing trace:original to meet current and future demands for digitisation of trade documents and the trade value chain.”