In fact, Standard Chartered Bank will from now on be able to prove the authenticity of shipments, with the use of the initiative's extensive record of real-time data and document exchange between the network of entities involved in a shipment.
As a critical link in the global supply chain ecosystem, Standard Chartered Bank plays a crucial role in supporting global trade transactions. Supply chains are continuing to become more international, drawing on many parties from around the world. Digital ecosystems have the potential to promote the sustainability agenda of many participants in international trade.
....said Michael Spiegel, Global Head of Trade, Standard Chartered Bank.
For the records, TradeLens was first launched back in 2018, in an effort to advance the world’s supply chain ecosystems with a special focus on containerized freight and logistics.
At the moment, it captures million of supply chains events and tens of thousands of documents per week, as it has processed information on over 15 million containers worldwide since its launch.
The initiative with Standard Chartered Bank exemplifies how the global trade ecosystem can work together to advance trade digitisation efforts on both the physical and financial side. Working with all of the ecosystem partners, our goal is to accelerate the standardisation and automation of global trade.
....as Todd Scott, VP of Global Trade Solutions, IBM concluded.