INTTRA Delivers Industry First Multi-Party Electronic Bill of Lading on Its Ocean Network
Parsippany, NJ, March 5, 2012—INTTRA, the world’s largest, most active, independent transactional network for ocean freight, is working with Fonterra, the world’s largest exporter of dairy products, to deliver the industry’s first standardized electronic Bill of Lading. INTTRA's global network of carriers, shippers and forwarders, in association with SWIFT and Bolero, facilitates connections with 10,000 SWIFT member banks and 45 Bolero-enabled trade finance banks. SWIFT is a third-party platform that allows for the transmission of documents between banks. Bolero is a neutral, third party which provides a legally certain platform to deliver paperless trading between global buyers, sellers, financial institutions and logistics service providers.
Using the INTTRA e-B/L process, sellers/exporters can accelerate the order-to-cash cycle, reduce days of sales outstanding and generate significant cost savings by reducing or eliminating courier and discrepancy fees. In addition, INTTRA e-B/Ls facilitate faster access to goods for Buyers, a critical requirement for short transit-time shipments. This new electronic process can impact over 15 million ocean shipments that rely on courier delivery of paper B/Ls each year as the document of title to goods.
“We are working to deliver a standardized multi-bank, multi-carrier electronic B/L solution to Fonterra, in association with SWIFT and Bolero, which utilizes Bolero’s proven technology and legal framework to reduce costs and streamline global supply chains. This multi-party e-B/L solution streamlines electronic title transfer for shipments involving letters of credit or collections and connects the physical supply chain with the financial supply chain,” said Ivan Latanision, INTTRA, Senior Vice President, Product Management.
“The potential savings from straight-through electronic processing and a faster supply chain are likely to be considerable for all parties,” said Clyde Fletcher, manager, Fonterra documentation center – group supply chain.
“When working on a multi-party solution, simplicity is the key to success. This solution involves very little operational change for trading partners and so is quick to deploy,” explains Connie Leung, director, payments and trade markets, Asia Pacific, SWIFT. “Process savings from electronic document presentation help to shorten the supply chain, reduce days sales outstanding and free up working capital.”
INTTRA is a leading global provider of e-commerce solutions to the ocean freight industry. INTTRA professionals work with over 30 leading carriers and NVOCCs, as well as their customers, to streamline and standardize their shipping processes worldwide through a network of more than 30,000 corporate locations. Over 500,000 container orders are initiated on the INTTRA platform each week, representing more than 15 percent of global ocean container trade.