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On 26 February 2024, Lloyds Bank announced its joining the WaveBL electronic trade documentation platform, seeking to capitalize on trade efficiencies and sustainability benefits through use of electronic Bills of Lading (eBLs).
The move reinforces the bank’s commitment towards trade digitalisation and follows its becoming a signatory to the Future of International Trade (FIT) Alliance’s eBL declaration in October 2023. The declaration signifies support for FIT Alliance’s goal of driving digitalisation in international trade with an aim of delivering 100% global uptake in eBLs by 2030. The vast majority of BLs are currently in paper form with some estimates placing use of eBLs at around 2%.