GSBN’s Trade Finance Advisory Group develops proofs-of-concepts to bridge global trade finance gap

Global Shipping Business Network (GSBN) has reached proofs-of-concepts for two trade finance products, Open Account and Letter of Credit, that harness data direct from the shipping industry via GSBN.

Open account applications can authorise their bank to directly inquire Bill of Lading data via GSBN’s blockchain-enabled platform for their proof of shipment.

For Letter of Credit, applicants can authorise their bank to use an electronic Bill of Landing (eBL) application built on GSBN’s platform to acquire relevant eBL information and instruct a title transfer.