Exclusive: BHP Billiton eyes BPO trials
Oct 13, 2014
Update: Deal breakdown: The combination eBL BPO
BHP Billiton and Cargill have shifted an entire bulk trade and payment transaction into a first time four-corner bank payment obligation with ANZ, Westpac, and an essDocs electronic bill of lading.
Like oil and water, the two electronic trade finance tools bank payment obligations (BPOs) and electronic letters of credit (eLCs) seemed not to mix. On the one hand, electronic bills of lading (eBLs) were governed by one set of rules, the electronic Universal Customs and Practice (eUCP), while BPOs had another, the Universal Rules of Bank Payment Obligations (URBPO).
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