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On 20 September 2023 when the UK’s Electronic Trade Documents Act entered into force, Lloyds Bank announced it completed a digital trade transaction under the new legislation. Utilizing the trace:original solution developed by digital information tech company Enigio, Lloyds Bank handled the transaction for British clothing retailer, Matalan. As described in the bank’s media release, a digital promissory note was issued by Matalan to accept liability when settling a documentary collection for the purchase of garments from one of its suppliers.
“This new legislation is a turning point for a cheaper, faster, and more sustainable global trading system” said Gwynne Master, Managing Director, Lending and Working Capital, Lloyds Bank, about the significance of the Act.
Commenting on the utility of his company’s solution, Enigio CEO Patrik Zekkar said: “Unlike other digital trade solutions that require all parties to subscribe to digital platforms, trace:original only requires the party creating the document to be an Enigio user, directly or by proxy, therefore making it easier for businesses to make the switch to digital.”