Lloyds Bank is aiming to bring Blockchain to bear on trade finance documentation, using technology from Swedish firm Enigio to dematerialize promissory notes, bills of exchange and bills of lading.
In August of last year, Lloyds completed a promissory note transaction involving selling and purchasing land valued at USD 48 million between several UK businesses in a single day as part of a pilot project.
When the International Trade and Forfaiting Association (ITFA) launched its Digital Negotiable Instrument Initiative in February 2023, Lloyds Bank contributed its expertise in ePUs to help fintech company Mercore complete the UK’s first digital bill of exchange transaction, which was also carried out using trace:original.
Read More: Lloyds Bank strikes deal with Enigio to digitise trade finance documentation
