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.
Bolero and essDOCS inked their first deals on India trade and bank payment obligations (BPO), breaking new ground for the normalisation of electronic trade documents.
Data from East & Partners shows a 13.2% drop in export loans in Australia in the period from 2012 through 2014 and is said to pose a challenge for Australian banks.
The Qingdao Port investigation will drag into mid-way next year, according to a China trade services expert, treasurers can expect pre-shipment finance to be “virtually impossible”.
A newly completed electronic letter of credit over essDocs slashed document processing times, in both beneficiary and advising banks, as well as corporates.
BHP Billiton and Xiangguang Copper have transacted a first of a kind back-to-back electronic letter of credit over Bolero, shaving 20 days off a typical transaction.
Banks disagree on the foreign exchange implications of the PBOC’s announcement of a wider renminbi trading band, but advise SMEs to switch to invoicing in renminbi.