Commerzbank has completed its first letter of credit transaction, using full ePresentation of digital documents, working with Lloyds and Enigio.
The transaction supported the export of a conveyor system from a German manufacturer to a UK importer, with every document moving digitally instead of by courier.
Enigio's trace:original technology(opens in new tab) handled the exchange — a single digital original passing securely between exporter, banks and importer, with nothing to print, scan or courier along the way.
"What makes this transaction significant is that it demonstrates how digital original trade documents can move securely between different companies and banks as part of an existing letter of credit process. This open and interoperable approach is essential if digital trade is to scale across existing global trade relationships," said Petter Nylander, CEO at Enigio.
The transaction complied with the ICC's eUCP rules for electronic presentation under a letter of credit — proof that digital documents can slot into existing trade finance processes without reinventing them.
It's the latest in a run of live transactions showing that digital trade has truly taken off: Lloyds completed a fully digital letter of credit with Societe Generale between the UK and France earlier this year, and Mauritius' first electronic Bill of Exchange with MCB and ETG was completed just last week, all using Enigio digital originals.
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