Banks have been experimenting with Ripple’s technology, which could make payments far more efficient, but a recent report questions whether it can handle larger volumes.
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.
A newly completed electronic letter of credit over essDocs slashed document processing times, in both beneficiary and advising banks, as well as corporates.
Hedging restrictions have been lifted for India’s importers, sparking an overall easing of red tape for the country’s corporates, and facilitated by a stable rupee, experts believe.