The move is seen to hasten the transition towards 100% paperless billing by 2030.
Technology solutions provider IQAX Ltd. announced that its services will be utilised by container shipping line Hapag-Lloyd for the issuance of electronic bills of lading (eBL).
In a statement, IQAX said its IQAX eBL solution will strengthen customer service and accelerate Hapag-Lloyd’s transition towards 100% adoption of eBLs by 2030.
IQAX’s system takes advantage of the Global Shipping Business Network (GSBN), a blockchain infrastructure built to help digitise the shipping industry. The network allows only authorised parties to contribute and consume shipping data, ensuring traceability and security.
This also simplifies document transfers by connecting all parties involved in global shipping, reducing document transfer time frames from weeks to seconds while enhancing security, according to IQAX.
“By working with IQAX, we can offer another robust, paperless solution that maintains visibility and empowers decision-making,” said Nilesh Popat, director – service delivery at Hapag-Lloyd.
IQAX Chief Commercial Officer Lionel Louie said over 12,000 customers are currently using IQAX eBL. Between January 2023 and March 2024, the system processed more than 180,000 carrier’s original eBLs equivalent to around $226.66b (US$29b) worth of goods, he added.
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Nine banks have also adopted the system, IQAX said. These are the Bank of China Limited, Bank of China (Hong Kong) Limited, Bank of Communications Co. Ltd., Bank of Ningbo, China Merchants Bank, CITIC Bank, Shanghai Pudong Development Bank Co. Ltd, Shanghai Rural Commercial Bank Co. Ltd., and The Export-Import Bank of China.
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