The world's first electronic presentation of documents (ePresentation) into India has been sent over Bolero's online network, suggesting a growing demand for electronic trade processes into and out of the country.

The transaction involved an ePresentation issued subject to eUCP against a letter of credit (L/C) for a copper shipment.

More to follow

The beneficiary was a major international mining company, which shipped a consignment of copper to a Mumbai-based buyer.

Bolero expects this latest industry first will pave the way for other international banks and corporates to move towards digitised trade into and out of India in the coming year.

eUCP standard

The ePresentation platform, which is underpinned by the International Chamber of Commerce's eUCP standard, can be utilised to legally replace original paper documents with acceptable electronic ones.

According to Bolero, as well as accelerating the speed at which the documents are delivered, the ability to exchange 'machine-readable' structured data creates further opportunities for straight-through processing.

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