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Mediterranean Shipping Company (MSC) has completed a proof of value (POV) project with WaveBL to test the integration of blockchain-based electronic bills of lading (eBL) with Swift’s banking network.
The project was conducted with participating banks including Lloyds, Emirates NBD Bank, and Federal Bank Limited. It tested the transmission of electronic trade documents between Swift member banks and WaveBL’s platform as part of letter of credit (LC) transactions.
The testing process utilised Swift FIN messages and FileAct transfers while maintaining document possession tracking on WaveBL’s distributed ledger.
MSC issued two eBLs on the platform – one straight and one negotiable – which were subsequently processed through the banking system.
After the exporter added commercial documentation, including packing lists, invoices, and certificates of origin, the documents were transmitted to the advising bank via Swift’s network. The advising and issuing banks then exchanged the documentation while WaveBL’s system tracked the possession and title of the eBLs.
The process concluded with the issuing bank releasing documents to the LC applicant, including the endorsement of the negotiable eBL to the importer. Participants reported that this enabled payment processing within hours instead of days, allowing importers to collect goods without traditional documentation delays.
Andre Simha, Global Chief Digital and Innovation Officer at MSC, said, “MSC is committed to achieving full digitalisation of our bills of lading by 2030. This involves much more than streamlining processes. It embodies an ambitious vision that requires collaboration across both the shipping and finance sectors.”
