HSBC and Reliance Industries have announced that they have recently completed a digital 'ePresentation' transaction involving the electronic presentation of export documents under a letter of credit (L/C).

Following this first such transaction for the bank, HSBC India says it now intends to make ePresentation available to its other global and commercial banking clients.

Efficiency drive

HSBC expects the roll out of ePresentation transactions will pave the way for faster, more cost-efficient settlement of cross-border trade because no physical documents are exchanged.

The transaction took place over Bolero's ePresentation platform. It provides corporates and banks with the ability to improve their trade and trade finance settlement processes.

Settlement support

The platform supports all settlement types and manages the process of sending a compliant set of documentation to a trade counterparty.

Bolero's ePresentation service can also handle original electronic bills of lading and other transport documents.

The ePresentation is expected to bring commercial benefits since settlement times could be reduced by as much as 14 days, thus freeing up working capital.

This article represents the views of the author and not necessarily those of the ICC or any of the other partners in DC-PRO.