►
From YouTube: Trade Finance SIG presentation: eBL meets ePU
Description
A presentation by Joel Schrevens, Global Solutions Director at China Systems on a Digital Collection, combining the potential of an ePU (digital Bill of Exchange) and an eBL, with the ability to finance the exporter in a fully digital flow.
More about the Hyperledger Trade Finance Special Interest Group is at: https://wiki.hyperledger.org/display/TFSIG/
----
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u.s
state,
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or
foreign
land,
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and
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laws,
those
of
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it
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meetings
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connection
with
linux
foundation,
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are
described
in
linux
foundation
and
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policies.
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Appalachia
is
committed
to
creating
a
safe
and
welcoming
community
for
all
for
more
information
visit.
Our
hypological
code
of
conduct
so
welcome
everybody
and
welcome
to
joel
again
after
his
mission
on
the
23rd
of
june.
This
time
they
will
show
us
ebr
meets
epu
what
he
calls
digital
made
in
heaven,
individual
marriage.
We
need
to
have
it
so:
drought,
I'll
leave
the
world
to
you
and
for
one
more
speech
on
this
straight
fantasy.
A
A
B
Okay,
everyone
see
my
screen,
I
assume
yeah.
We
can
see
it.
It's
good,
yeah,
perfect,
okay,
good
yeah,
so
you
call
it
a
marriage,
andrea!
It's
it's
a
match.
Actually,
it's
a
it's
a
match
made
in
digital
heaven.
First
of
all,
thank
you,
hyperledger
and
andrea
to
to
invite
me
for
well,
probably
my
last
hyperledger
presentation
for
this
year,
I'm
quite
certain
of
it
it
the
trigger
for
this
presentation
was
actually
an
article.
B
I
wrote-
and
indeed
it
brings
two
key
documents
in
trade
together,
an
electronic
bill
of
lading
and
an
epu,
and
I
will
explain
more
about
the
epu,
so
the
agenda
for
today,
first
we'll
we'll
set
the
scene
a
bit.
What's
the
background
because
ebl
meets
epu,
it's
a
bit
cryptic
so
I'll
give
a
bit
of
background.
B
Then
I'll
go
into
the
business
case
itself,
because
that's
of
course
the
key
part
of
the
presentation
I'll
also
give
some
insight
on
into
the
legal
challenges
that
that
exists,
like
with
everything
that
you
try
to
do
in
digital
trade.
Today,
the
criteria
that
we've
applied
when
we
were
defining
the
solution
and
then
the
last
part
of
course,
is
well
probably
the
most
interesting
part
is
a
high
level
description
of
the
solution,
because
we
are,
of
course
still
developing
this
we've
written
an
article
about
this.
We've
done
the
design
and
the
development
has
started.
B
So
let
me
start
by
setting
the
scene
first,
because
people
would
probably
ask
what
is
china
systems
really
doing
before
diving
into
the
topic
of
this
digital
collection?
Let
me
first
position
china
systems,
of
course,
china
systems
for
those
people
who
do
not
know
us.
We
are
one
of
the
leading
trade
and
supply
chain
finance
solution
providers,
so
we
provide
back-office
solutions
to
banks,
also
front-end
solutions,
electronic
banking
solutions
to
the
customers
of
the
banks,
the
smes
and
the
corporates.
B
I
would
call
it
a
digital
trade,
because
we
have,
of
course,
a
huge
history
in
for
32
years
now,
working
in
trade,
we've
probably
integrated
to
about
every
single
system
that
exists
in
in
the
context
of
trade
and
we've
set
up
a
tds
team.
It's
a
trade
digitalization
services
unit
which
is
composed
of
business
and
technology
experts
on
optimizing
trade.
B
The
objective
of
this
unit
is
to
look
at
all
efforts
that
we
can
actually
have
in
in
the
collaborative
trade
space.
So
whoever
is
in
trade.
We
all
provide
a
piece
of
the
puzzle
and
it's
very
important
to
understand
who
is
left
and
right
of
you,
not
just
companies,
but
also
data
wise.
What
happens
before
you
start
getting
involved
with
this
trade
transaction
and
what
happens
after
it,
because,
ultimately,
if
you
want
to
optimize
trade,
it's
very
important
to
understand
the
ecosystem.
You're
part
of
get
to
get
out
of
your
silo.
B
B
We
also
provide
consultancy
and
strategic
advisory
services
to
advice,
financial
institutions,
corporates
consulting
firms,
strategy,
advisors
and
technology
companies.
So
also
when
no
china
system
software
is
involved
and
that's
important,
I
think
to
really
have
an
open
mind
about
what
you
do
in
trade.
You
cannot
just
focus
on
your
offering
alone,
so
we
set
up
this
unit.
We've
got
our
own
blog,
we're
writing
quite
a
number
of
articles,
and
one
of
the
key
drivers
of
this
unit
is,
of
course,
supports
a
interoperability
by
design.
B
It's
still
for
some
parts
and
trade,
it's
still
early
days,
but
we
we
already
get
requests
because
we
also
provide
asset-based
lending
and
inventory
finance
services.
So
if
you
want
to
start
doing,
asset-based
lending
and
inventory
finance
inventory
is
stored
in
warehouses.
Iot
devices
can
be
used.
Smart,
smart
shelves,
smart
pins,
smart
containers,
all
of
those
things
become
relevant
the
moment
you
start
taking
risks
on
financing
inventory
or
financing
stock
or
assets.
So
we
have
a
very
open
mindset
in
terms
of
integrating
with
anything
which
can
which
can
to
our
our
proposal.
B
The
core
of
trade
and
the
risks
involved
in
trade
have
not
really
changed.
So
if
people
say
we
have
a
new
solution
for
this
or
that
well,
usually
it's
something
which
already
exists,
repackaged
potentially
or
different
technology
platform,
or
maybe
by
by
connecting
different
dots.
There
are
not
that
many
initiatives
really
really
totally
new.
This
is
a
reference
to
the
article,
I'm
not
going
into
the
article
right
now,
but
this
is
useful
background.
It's
an
article
on
our
blog
about.
B
Well,
we
call
it
the
digital
bnb
that
was
sort
of
a
bit
of,
I
have
to
admit
a
bit
of
clickbait,
but
it
was
to
be,
of
course,
a
bit
of
a
change
and
the
b,
the
other
b
of
bill
of
lading,
so
a
customer-centric
mindset
and
connecting
the
dots.
Now
I
won't
explain
this
entire
slide,
and,
and
people
can
look
at
it
afterwards
on
youtube,
they
can
get
a
copy
of
the
presentation,
but
when
we
look
at
trade
with
a
customer-centric
mindset,
this
is
what
we
are
looking
at.
B
Mainly
you
got
importers
and
exporters,
buyers
and
suppliers
and
their
business
is
not
it's
not
llc's.
It's
not
collections.
It's
not
supply
chain
finance,
though
those
are
all
means
to
an
end.
They
are
producing
stuff,
they
have
to
manage
materials,
they
have
to
manage
inventory
they
they
they
need
a
warehouse,
they
they
they
use
all
sorts
of
services,
whether
it's
logistical
insurance
or
financial
services,
all
in
the
context
of
a
trade
transaction,
and
that's
why
we
look
at
you
know:
how
does
this
data
flow
inside
an
organization?
B
B
Invoices
leads
to
trade
finance
instruments,
lcs
collections
open
account,
but
it's
the
same
data
actually
flowing
through
the
ecosystem,
not
just
inside
the
corp,
but
even
if
you
go
externally
all
post
shipment
services,
whether
it's
trade,
finance,
post
shipment,
trade
finance
or
whether
it's
logistical
service,
an
sli
shipping
instruction,
whether
it's
to
to
to
ask
for
an
area
bill
or
a
bill
of
lading
or
an
ecmr
for
which
there
is
a
new
protocol.
Now
they
share
a
lot
of
their
data
with
an
invoice.
B
B
B
The
dots
that
we
will
be
looking
at
in
this
presentation
are
just
a
few,
because
this
is
about
a
digital
collection,
so
we
will
be
looking
at
a
collection
flow
linked
into
a
what
happens
with
a
bill
of
lading,
an
e-bill
of
lady
actually
and
then,
of
course,
the
settlement,
because,
if
you,
if
you
collect
an
invoice
and
you
finance
an
invoice
and
you
ship
the
goods
around
for
you
ship,
the
goods
mentioned
on
that
invoice.
Of
course
you
have
to
pay,
and
you
need
to
reconcile
that.
B
B
This
is
not
a
lesson
about
what
a
documentary
collection
is,
but,
from
a
risk
perspective,
a
documentary
collection
can
be
situated
by
an
open
account
transaction
where
you
just
you
ship
your
goods,
and
you
hope
that
you
get
paid
and,
on
the
other
side,
a
letter
of
credit
which
is
more
more
secure
from
a
supplier
point
of
view,
because
it
requires
the
buyer
to
establish
credit
with
his
bank.
So
there's
more
payment
security.
The
collection
is
a
little
bit
in
the
middle.
It's
a
paper-based,
it's
a
paper-based
procedure
and
that's
why?
B
I
think
it's
it's
a
very
simple
product.
It's
a
product
with
high
potential
that
the
paper
is
the
one
thing
which
actually
is
its
major
disadvantage,
because
banks
are
being
used
as
mailboxes
to
collect
documents.
An
exporter
gives
an
instruction
to
his
bank,
which
is
called
the
remitting
bank
to
collect
a
set
of
documents
and,
as
usually
it
includes
an
invoice,
a
transport
document,
often
a
certificate
of
origin,
could
be
a
packing
list
and
a
bill
of
exchange.
B
Typically,
if
it's,
the
documents
can
be
delivered
against
acceptance,
because
a
lot
of
trade
transactions
include
are
not
based
on
payment
site,
but
payment,
typically
30
days,
60
days,
90
days
after
shipment
or
after
invoice
date,
which
leads
to
a
requirement
very
often
for
the
supplier
to
get
finance
and
that's
sort
of
the
business
case
we
looked
at,
and
so
how
can
we
make
this
efficient?
This
instrument
more
efficient?
B
I
said
I
won't
go
in
detail,
but
these
are
the
key
things
that
we're
looking
at.
The
exporter
is
the
one
actually
who
wants
to
keep
control
of
his
goods
and
the
importer.
He
would
like
to
remain
in
control
of
his
financial
means
as
long
as
possible,
and
until
he
secure
that
there
is
this
quid
pro
quo
takes
place.
B
B
First
of
all,
the
exporter
gives
an
instruction
to
his
bank,
typically
via
a
form
like
this
documentary
collection
instruction,
and
he
gives
an
instruction
to
his
bank
to
collect
a
set
of
documents,
a
bill
of
exchange,
an
invoice
certificate
of
origin
bill
of
lading.
Typically
now,
of
course,
we
can
automate
this
collection
instruction.
Now
we
have
our
customer
enterprise
portal
solution,
provides
templates
for
this,
that
you
can
automatically
generate
those
instructions.
B
So
there's
a
minimal
pass
that
instruction
to
the
bank.
We
also
support
direct
collections
where
even
the
documents
do
not
have
to
go
not
have
to
flow
via
the
bank,
but
some
good
customers
of
the
bank
they're,
given
a
direct
collection
facility,
which
means
that
the
bank
is
implementing
a
way
to
generate
the
letter,
even
with
the
banks
stationery
on
the
front
end
system.
What
the
bank
will
do,
of
course
is
they
will
do
a
check
on
all
the
instructions.
They
will
do.
B
A
compliance
check
on
all
the
data
before
the
letter
is
allowed
to
be
generated
by
the
exporter
supplier.
So
this
is
what
a
paper
collection
looks
like
today.
Two
main
types:
pay
against
payment
and
against
acceptance.
Now
what
are
the
weaknesses
of
the
process?
Because
that's,
of
course,
has
been
the
driver
for
us
to
develop
this.
We
call
it
an
e-collection
product.
B
The
first
weakness
is
that
in
case
the
buyer
is
unable
to
meet
his
payment
obligation.
There's
not
that
much.
He
can
do
because
he
sends
the
documents
and
then
you
know
whatever
it
depends
on
where
he
is.
If
he's
on
the
other
part
of
the
world,
it
could
take
two
days
three
days
five
days,
seven
days
depending
on
times,
including
times
even
longer,
for
the
documents
to
arrive
with
his
bank
before
they
arrive
at
his
counters
and
and
then
you
just
hope
as
a
supplier
that
he
wants
to
pay
those
documents.
B
So
there's
not
much
that
much.
You
can
do
to
put
pressure
on
on
the
buyer.
The
second
one
which
I've
already
hinted
at
the
delays
on
the
transmission
of
this
paper,
typical
problem.
Let's
say
if
you
typically
think
china
and
japan-
and
you
have
let's
say
chinese
export,
japanese
importer
or
whatever
and
the
goods
are
shipped.
It
sometimes
happens
that
the
ship
actually
arrives
before
the
documents
arrive.
That
can,
of
course,
lead
to
additional
charges.
You
can
have.
B
B
That's
has
been
the
main
reason
why
an
electronic
bill
of
lading
has
been
such
a
popular
instrument
and
especially
lately
more
popular,
but
we
know
there's
still
challenges,
so
a
collection
often
includes
those
two
very
important
documents,
a
bill
of
lading,
which
is
a
document
of
title
which
actually
allows
the
owner.
If
it's
a
negotiable
bill
of
lading,
you
have
ownership,
you
can
take
ownership
of
the
bills.
You
have
to
physically
present
this
bill
of
lading.
B
It
becomes
an
even
more
powerful
instrument
so,
depending
on
the
quality
of
the
drawing
buyer,
who's
accepted
it.
This
is
a
very
powerful
instrument,
not
just
in
the
primary
market
of
trade,
because
it's
an
instant
you
can
sell.
So
the
forfeiting
market
is
the
sec
is,
is
typically
a
second
as
a
secondary
market
for
bills
of
change,
because
you
can
sell
those
instruments
so
you're
dealing
with
very
a
financial
instrument
and
a
logistical
instrument
which
are
actually
giving
a
financial
commitment
and
the
other
one
is
a
commitment
on
the
goods.
B
So
they
are
a
perfect
set
of
documents
to
bring
into
a
quid
pro
quo
process,
but
paper
is
too
slow.
So
we
said
it's
pretty
obvious
yeah.
Why
can't
we
bring
those
two
documents
together?
So
how
can
we
optimize
this,
and
how
can
we
resolve
the
weaknesses
I'll
immediately
say
before
I
start
describing
the
solution
implementing
the
technology
to
solve
this
is
is
actually
the
the
easiest
part.
B
I
I
hope
my
technical
team
would
agree
with
that.
The
the
biggest
challenges
that
we
still
have
today
is
that
you
know
you
have
to
be
able
to
legally
move
from
physical
to
legal
documents.
The
context
has
to
be,
I
would
say,
fully
supported
from
an
operational
from
a
procedural
from
an
ordered
point
of
view.
So
what
about
those
documents,
especially
with
the
bill
of
exchange
with
an
ebl?
B
We
already
know
s
docs
bolero
wave,
the
quarter,
ebo,
there's
there's
a
number
of
initiatives
already
in
this
space
and
the
approach
is
to
come
up
with
the
rulebook,
typically
to
create
a
framework
to
which
the
participants
to
this
electronic
instrument,
the
flows
to
which
they
participate
to
actually
make
them
operate
in
a
closed
legal
environment
by
having
them
sign
a
rule
book.
However,
I
think,
and
that's
one
of
the
initiatives
of
of
icc
dsi
they're
looking
at
the
ebl,
how
can
we
actually
move
this
resolve?
B
B
How
can
the
shipping
industry
take
a
consolidate
those
initiatives
and
actually
resolve
the
challenges
at
a
higher
level,
still
giving
the
floor
actually
to
the
people
who
provide
functionality
in
ebl's,
but
but
but
create
interoperability
at
a
higher
level
than
the
individual
rulebook?
So
this
is
something
we
what
we
expect
to
happen,
how
long
it
will
take
you'll
have
to
wait
and
see,
but
we
are
currently
involved.
Actually,
it's
you
see
the
word
and
on
the
left
there,
it's
not
an
or
it's
an
and
story
yeah.
B
The
the
first
thing
is
with
the
bill
of
exchange.
Typically,
is
that
the
bit
of
exchange
for
people
who
knows
the
uk
or
anyone
actually
who
uses
uk
law
because
common
law
uk
common
law
is
is
is
applicable?
I
think
in
about
40
percent
of
the
countries
globally
and
the
rest
is
civil
law
and
other
formats.
But
uk
common
law
stipulates
that
a
bill
of
exchange
cannot
be
an
intangible
asset
and
that's
one
of
the
challenges.
B
It
is
discussing
this
with
the
uk
government,
with
the
icc
in
the
uk
as
an
intermediary
to
start
pushing
for
law
changes,
and
there
is
a
project
currently
going
on
in
the
uk
and
we're
also
signed
up
to
this
is
it's
called
the
digital
assets
project
which
goes
beyond
bills
of
exchange.
It
deals
with
a
change
of
promissory
notes,
are
two
key
targets
for
this
project.
The
second
one
is
so
number
one.
We
have
to
wait
for
that
this
is.
We
have
to
see
what
happens.
B
The
second
one
is,
of
course
you
can
provide
a
contractual
solution,
and
that's
one
thing
that
also
it
has
done
together
with
sullivan
they've
defined,
an
electronic
equivalent
of
the
bill
of
exchange,
which
is
compliant
with
english
law,
and
this
is
the
epu
instrument.
Epu
stands
for
electronic
payment
undertaking,
so
it
is
the
digital
alternative
for
a
promissory
note
and
a
bill
of
exchange
according
to
english
law.
B
B
B
Everyone
must
have
seen
those
abbreviations
at
least
10
times
the
last
week.
I
think
you
and
citroel
emily
tr
emily
tr.
We,
we
have
high
hopes
on
this.
It's
it's
challenging,
but
it
makes
sense
because
this
is
a
supra
national
approach,
because
of
course,
those
documents
that
we're
talking
about
those
digital
negotiable
instruments
are
not
just
they.
B
The
law
can
be
different
from
country
to
country.
So
it
makes
sense
to
look
at
this
from
an
international
point
of
view,
so
united
nations
commission
on
international
trade
laws
involved
in
this
and
they've
defined
the
model
law
and
electronic
transferable
records.
The
good
news
is
what
ife
is
doing
with
their
they're
called
ddoc
specifications
digital
document
specifications.
B
They
are
fully
aligning
so
discussions
on
going
in
luca
castellani
from
yuan
citral
between
itva,
also
with
the
icc,
and
also
with
oswald
color
from
icc
dsi.
So
so
the
ddoc
specifications
to
whom
we
comply
with
the
solution
that
we
are
developing
and
one
that
we
already
developed,
is
is
compliant
with
with
this
law.
B
The
key
criteria
yeah
this
is
just
I'm
quickly
going
over-
is
I'm
keeping
an
eye
on
time
the
key
criteria
that
we've
applied?
This
is
not
china
systems.
As
a
software
vendor
operating
on
its
own
and
and
hoping
we
will
get
somewhere.
No,
it
was
a
very
calculated
move,
we're
doing
this
as
part
of
it,
for
we
have
to
be
part
of
a
bigger
organization
actually
for
its
entire
community,
which
consists
of
many
banks
and
more
and
more
fintechs
as
well
and
is
actually
liaising
with
the
icc.
B
Easily
acing
with
the
united
nations
is
liaising
with
the
uk
government
with
with
the
different
icc
entities
in
the
different
countries,
so
this
is
the
way
that
we're
going
going
for
adoption
by
supply
by
with
a
community
approach,
so
it
first
started
this
initiative,
the
dni
initiative,
which
is
called
the
digital
negotiable
instruments
quite
a
while
back
and
recently
they
came
to
a
framework,
a
set
of
specifications
to
which
it
for
belize
technology
should
comply
with.
So
it's
fully,
it's
meant
to
be
vendor
agnostic,
yeah.
B
It's
focusing
on
interoperability,
it's
developed
with
an
open
banking
mindset,
so
we
immediately,
I
think
we
I
have
to
say,
probably
together
with
our
partner
and
ego,
we
were
immediately
very
active
in
this
space
because
I
was
immediately.
We
were
immediately
convinced
about
the
potential
of
of
of
of
the
nature
of
those
specifications
because
they
leave.
Actually
they
stay
out
of
the
business
aspect.
So
it
does
not.
B
Important,
of
course,
is
alignment
with
you
and
citroen
etr.
Now
what
other
criteria
did
we
define
we're?
Almost
at
the
end
of
before
I
start
explaining
in
detail
what
the
business
case
is
about,
what
the
flows
are.
We
defined
some
criteria
for
this.
This
is
not
a
solution,
in
fact
that
only
china
systems
can
implement.
B
We
are
reusing
our
entire
operating
model
that
we
have
today
for
backups
and
front
end.
We
are
reusing
it.
We
support
paper
collections.
We
support
paper
lcs,
we
can.
We
can
support
digital
electronics
tomorrow
if
we
have
to
integrate
instead
of
swift,
integrate
with
with
retrades
with
the
contours.
For
us,
that's
not
really
relevant.
There's
a
lot
of
infrastructure
out
there
and
banks
are
not
just
going
to
change
that
overnight.
So
we
are
going
to
reuse
it
completely
for
the
customer
for
the
end
user,
it's
fully
transparent
where
he
goes
paper,
digital
or
hybrid.
B
It
should
not
really
matter
to
him.
It's
driven
by
by
the
relationships
in
the
trade
transaction,
same
business,
practices
that
that
exist
today,
just
more
efficiently
same
documents
but,
of
course,
use
e-versions,
where
applicable
and
in
terms
of
the
icc
rules,
which
are
very
important
in
terms
of
in
terms
of
trade
processing
in
the
collections.
Normally,
the
uniform
rules
for
collections
apply,
but
in
this
case
we
we
can
use
the
supplement.
There
is
already
an
eurc
supplement
for
electronic
collection
business,
so
this
is
going
to
be
an
important
case
on
eurc.
B
B
B
B
This
is
the
case.
This
is
one
of
the
three
cases
that
was
submitted
via
itfa
and
fire
through
the
icc
in
the
uk.
As
an
intermediate
to
the
uk
government,
the
uk
government
is
really
pushing
initiatives
in
the
uk
to
support
to
support
its
exporters
in
in
financing
trade
streams,
with
limited
with
as
limited
as
possible
dependency
on
paper.
B
So
the
uk
government
is
pushing
this,
and
that
is
why
it
for
presented
three
cases,
three
business
cases-
and
this
was
the
first
one.
Actually
it's
it's
it's
it's.
The
business
case
is
the
finance
of
an
exporter
based
on
a
bill
of
exchange
being
accepted
by
an
importer
or
the
importer's
bank,
but
in
a
fully
digital
flow,
the
ebo
it
was
actually
not
part
of
it.
Originally
of
the
case.
That's
why
you
see
I've
added
it
here,
number
six,
because
that's
where
we've
introduced
the
quid
pro
quo.
B
Now
he
wants
to
collect
the
funds
for
those
goods,
but
he
wants
to
retain
control
as
much
as
possible
while
getting
a
financial
commitment
and
he
doesn't
want
to
work
with
an
lc
because
nlc
is
too
complicated.
The
import
does
not
want
the
nlc,
because
then
he
needs
a
credit
line,
etc,
etc.
So
what
is
hap?
What
is
the
business
case
here?
B
Instead
of
just
collecting
invoices,
the
exporter
is
going
to
also
re,
create
an
export
collection
instruction,
but
with
a
finance
request.
So
it's
immediately
going
to
ask
his
bank.
Do
you
want
to
finance
me
for
this
invoice
and
this
bill
of
lading,
because,
of
course,
the
shipment
by
by
c,
the
documents
involved
are
typically
an
invoice,
a
bill
of
lading
and
a
bill
of
exchange,
so
he's
gonna,
request
finance.
B
The
bank
is
gonna
check
the
exporter's
facility,
where
he
has
a
finance
facility
and
that
could
be
tied
into
specific
counterparts
because
the
quality
of
the
importer
or
the
importer's
bank,
if
they
accept
the
draft,
is
of
course
relevant
to
take
the
risk
if
they
accept,
if
they
say
yes,
we're
gonna,
give
we're
gonna
finance
you.
What
will
happen
here
and
that's
where
we'll
use
digital
document
technology
of
our
partner
nigio,
and
this
is
where
we're
using
blockchain,
we
will
be
creating.
The
bank
will
be
creating
a
digital
bill
of
exchange.
B
Using
trace
original
is
the
software
provided
by
our
partner
inigo,
so
inigio
is
the
the
trace.
Original
is
the
other
software
which
is
compliant
with
the
d-dog
specification
of
it
fun,
so
they're
creating
additional
bit
of
exchange
and
they're
going
to
present
this
bill
of
exchange
for
signing,
because
a
bill
of
exchange
needs
to
be
legally
signed
by
the
drawer,
the
exporter,
and
they
will
also
ask
the
exporter
to
endorse
the
bill
of
lading
to
the
bank.
What
does
that
mean
that
the
bank
will
become
the
assignee
of
the
funds?
B
B
B
So
endorsement
takes
place
at
that
point
in
time
a
digital
collection
will
be
presented
to
the
importer,
so
this
digital
instrument
will
be
presented
to
the
importer
for
acceptance
and
he
can
then
in
it
on,
and
then
this
is
where
the
crit
pro
quo
takes
place,
because
we're
going
to
send,
of
course,
additional
information
that
will
become
clear
on
the
next
slide.
We
will
present
the
entire
collection
with
references
to
the
documents,
not
the
paper
documents,
but
references
to
the
digital
documents
to
the
importer,
and
this
is
where
the
quid
pro
quo
takes
place.
B
The
product
is
entirely
based
and
you
go
back
to
the
first
slide,
ebl
against
epu.
What
is
happening
here
is
the
collection
is
based
on
the
importer
has
to
accept.
If
he
accepts
the
bill
of
exchange,
the
bank
will
transfer
ownership
of
the
goods.
They
will
change
the
holder
of
the
bill
of
lading
typically
from
themselves,
because
usually
the
banks,
if
they
take
the
goods
as
collateral,
there
could
be
a
pledge.
This
is
typically
ebl
functionality
they
could
take.
B
They
could
take
a
pledge
on
the
goods
and
they're,
then
empowered
to
actually
change
the
holder
or
change,
remove
the
pledge
and
actually
make
the
importer,
the
beneficiary
or
the
owner
of
the
bill
of
lading.
So
the
exchange
the
quit
pro
quo
is
you
accept
bill
of
exchange.
I
give
you
control
of
the
goods,
but
in
a
fully
digital,
real-time
interaction
based
flow.
B
So
when
that
happens,
an
instruction
is
given
and
that's
where
currently
there's
many
ebl
world
there's
about
six,
seven
ebl
providers,
but
we
started
discussions
at
this
point
with
bolero
on
this
we
had
a
chat
with
jako
and
raymond
on
this
last
week,
we're
going
to
have
an
api
based
release
of
goods
by
connecting
directly
to
bolero's
ebl
title
registry
platform,
so
this
will
be
done
fully
digitally
the
rest
of
the
flow
of
course
is
after
that.
Then
the
moment
that
this
happens.
Of
course
the
bank
can
provide
the
finance
yeah.
B
They
could
do
it
pre-acceptance,
but
usually
banks
will
not
take
the
risk.
The
moment
that
the
bill
of
exchange
gets
accepted
by
the
importer.
It
is
bank
at
that
point
in
time.
The
remitting
bank
is,
I'm
gonna,
give
you
money,
80,
90,
95
or
even
100,
depending
on
the
quality
of
the
the
drawing
they're
going
to
provide
finance.
The
rest
of
the
flow
is
actually
the
presentation
for
collection
and
the
payment
will
integrate
this
also
with
the
payment
flow,
so
that
we
can
reconcile
this
at
the
end.
B
But
the
key
thing
here
is:
we
use
distributed,
ledger
technology
here
as
a
digital
notary,
because
we
have
to
make
sure
there
is
no
duplication
of
bills,
of
lading,
no
duplication
of
bills,
of
exchange,
the
duplication
of
the
bill
of
relating
that's
controlled
by
the
ebl
provider,
the
duplication
of
the
bill
of
exchange
and
the
transfer
of
ownership.
All
the
functions
on
the
bill
of
exchange
are
managed
by
us,
interacting
giving
instructions
to
to
the
digital
notary.
The
dlt
digital
notes
be
provided
by
by
enable
trace
original.
B
B
The
way
that
we
see
trade
move
and
I've
always
been
a
very
strong
believer
that
electronic
invoicing
and
trade
must
come
together.
There's
a
lot
of
things
happening
in
the
e-invoicing
space.
I
don't
know
if
people
who
knows
people
most
people
do
not
know
people,
but
if
I,
if
I
say
passwear
or
I
speak
about
tomston,
I
each
country
there's
now
about
30,
there's
a
more
than
30
countries
in
europe.
B
Recently:
singapore,
australia,
new
zealand,
canada,
us
they've
all
signed
up
to
the
e
invoicing
people
framework
and
do
not
underestimate
the
importance
of
this
because
all
post
shipment
trade,
whether
it's
traditional
trade
finance,
every
trade
transaction,
includes
an
invoice.
So
what
I'm
trying
to
make
clear
with
this
picture
is
an
e-collection
is
actually
is.
First
of
all,
of
course,
it's
a
structure.
It's
an
instruction
instead
of
the
instructional
piece
of
paper,
we're
defining
a
digital
instruction
which
is
eurc
compliant.
B
It's
compliant
with
swift
mt400
series,
because
the
md-400
series
by
swift
are
used
to
settle
collections,
to
create
acceptance
undercurrent
to
give
advices
acknowledgements
advice
of
acceptance,
etc,
etc.
The
tracers-
that's
all,
that's!
That's!
That's
swift,
based
and,
of
course,
compliant
with
the
standard
remittance
letter
which
we
have
today.
B
The
rest
are
the
documents
now
the
documents
instead
of
we
can
actually
include
if
we
want,
we
could
include
copies
of
a
document
inside
a
digital
instrument,
and
we
may
have
to
do
that
in
some
cases
still,
but
the
reality
is
what
we
really
believe
in
is
that
we
will
be
pointing
to
doc
stores
or
other
access
points.
Yeah,
that's
why?
For
the
ebl,
for
example,
instead
of
us
starting
to
develop
anything,
we
just
have
an
api.
B
The
the
information
of
the
ebl
can
be
retrieved
or
or
transfer
of
ownership
can
be
hand.
This
is
where
we'll
fully
integrate
our
workflows
with
those
of
an
ebl
provider,
and
these
are
typically
the
known
ones
for
the
epu,
which
is
the
digital
bill
of
exchange.
That's
where
we're
integrating
and
there
could
be
more
yeah.
Do
not
misunderstand
we're
not
exclusive
on
any
of
those
topics
here,
whether
it's
bills
of
exchange
or
electronic
invoice
or
ebls
we're
not
exclusive.
B
We
believe
in
an
open
infrastructure
here
where,
depending
on
the
parties
involved,
we
can
actually
refer
to
to
whatever
access
point
or
whatever
blockchain
or
non-blockchain
solution
that
which
is
used
as
a
processor
or
repository
of
those
documents,
but
at
this
point
we're
integrating
with
trace
original,
to
manage
the
the
integrity,
the
uniqueness,
the
ownership
and
the
transfer
of
ownership
of
the
bill
of
exchange
of
the
digital
version.
So
we're
using
this
the
solution
for
e-invoices
we
are
at
this
point.
B
Looking
could
be,
there
could
be
more
value
added
networks,
but
temple
is
emerging
right
now.
I
know
india
is
also
looking
at
it,
but
singapore
there's
a
lot
of
digital
economy
agreements
being
signed
right
now
and
people
people
most
people,
don't
know
people,
but
look
it
up.
Look
the
people
access
points
and
you
will
certainly
see
mine
is
in
belgium.
It's
coderbox,
kudabox,
there's
many
in
belgium,
but
there's
many
pebble
access
points
across
the
globe.
B
So,
instead
of
attaching
invoices
we're
just
referring
using
a
reference,
so
we
believe
in
in
instruments
financial
instruments
being
fully
interoperable
with
whatever
digital
document
infrastructure
that
exists
on
the
outside.
So
and
if
you
have
this
open
approach,
api
based,
then
you
can
actually
like
you
book.
I
would
just
say
like
I
do
it
for
e-invoicing
today,
my
accountant,
my
invoices,
I
don't
see
any
paper
anymore,
it's
all
connected
my
connection
to
the
payments
to
the
settlements
of
my
invoice.
It's
it's
a
button
on
on
my
digital
invoice.
B
B
This
vision
that
I
have
with
this
electronic
collection,
but
with
an
open
infrastructure
mindset
linking
to
ebo
and
I've
not
included
certificates
of
origin,
also,
a
document
which
is
where
there's
already
an
e-version,
so
we're
creating
a
fully
digital
equivalent
of
an
existing
paper-based
collection
today,
and
we
can
also
use
if
banks
say
okay,
we
want
to
process
it
over
swift.
If
you
want,
you
can
yeah,
you
can
use
file
act
to
actually
transmit
digital
instructions
or
digital
documents
over
the
swift
network.
B
B
Okay,
okay,
so
yeah.
If,
if
people
have
questions
here,
I
think
the
the
presentation
can
be
shared,
the
youtube
video
can
be
shared.
You
will
see
our
contact
details
like
I
said
we
are.
We
want
to
work
with
well,
everyone
sounds
like
a
bit
of
a
cliche
but
I'll
I'll.
The
last
thing
probably
gonna
say
tactically,
we
can
work
with
anyone
and
and
technically
we
go
where
our
customers
go.
If
our
customer
asks
us,
I
want
to
work
with
retrade.
I
want
to
work
with
with
congo.
B
B
B
You
actually
look
at
a
data
strategy
where
we
can
bring
the
logistical
world
together
with
the
financial
world
in
which
the
invoice
is
such
a
key
document.
I'm
a
very
strong
believer
of
that.
So
I
see
it
as
a
is
an
important
path
to
this
interoperability,
not
just
within
a
certain
industry,
but
an
interoperability
between
the
financial
supply
chain
and
the
physical
supply
chain.
A
Perfect
yeah
julian,
why
are
you
saying
something
all
right,
great
great
presentation,
thank
you,
joel
and
anyone
who's
got
any
questions.
Please
ask
or
put
it
in
the
chat,
and
we
can
ask
it
so
how?
How
long
do
you
think
this
is
going
to
take
and
how
can
we
accelerate
it?
What's
the
call
to
action
to
us
well.
B
That
is
the
question
I
think
on
every
webinar
the
question
we
go
on
every
webinar,
exactly
the
the
the
there's
a
couple
of
things:
yeah.
It
depends
on
the
scope
of
what
you
want
to
achieve.
How
long
will
this
take?
What
is
this?
Of
course
I
have
to
say
that
the
initiative
that
it
took
with
its
ddoc
specifications,
which
are
which
aim
to
be
uncertain,
mletr
compliant.
This
is
meant
as
an
interim
solution.
That's
what
we
hope.
At
least.
B
We
hope
that
either
well,
two
things
have
to
give
either
common
law
or
civil
law
gets
adopted,
but
that
historically
has
taken
a
long
time.
The
other
approach
is
you
and
citral
model
of
electronic
transferable
records
gets
adopted
faster
now
only
we
know
that
bahrain
is
currently
the
only
country.
Other
countries
are
looking
at
it.
So
that's
another
approach,
but
I
I
think
that
you
cannot
wait
for
these
things.
That's
why
we
decided,
because
I
know
what
icc
dsi.
B
If
you
take
a
platform-centric
approach,
you
raise
immediately
all
sorts
of
barriers
from
a
competition
point
of
view.
The
strategy
that
is
applied
has
to
be
document
centric.
So
I
am
positive.
I'm
hopeful
that
you
know
by
looking
at
the
ebl,
for
example,
as
an
industry
looking
at
the
ebl
as
an
industry
looking
at
electronic
invoicing
at
an
industry
and
then
those
industry
meeting.
B
B
Level
by
by
coming
up
with
the
industry
coming
together
on
an
ebl,
that's
an
approach.
If
I
understood
it
correctly
that
I
I'm
in
favor
of
invoicing,
the
same
thing
now
invoicing
the
challenges,
because
taxation
policies
are
different
from
country
to
country,
but
if
I
see
the
list
of
countries
who
currently
support
who
started
adopting
people
in
their
digital
economy
agreements
with
singapore,
I
know
that
india
is
looking
at
it
as
well
with
canada
with
us
with
all
those
european
countries.
B
If
those
countries,
I
think
which
have
a
digital
agenda
and
and
those
other
countries
have
a
digital
gender
meet
each
other,
all
the
digital
agendas
that
you
have
on
electronic
invoicing
and
electronic
bills
of
lading,
so
document
centric
is
fine,
but
then
bridging
it
bringing
physical
and
and
financial
together.
That's,
I
think,
a
logical
path
and
at
the
same
time,
hope
that
the
changes
in
law
or
adoption
of
of
mletr
will
happen,
because
that
will
be
a
major
catalyst.
Of
course,.
B
And
I'll
see,
if,
if
you
dissect,
if
you
dissect
an
lc
and
they'll
see,
is
in
fact
the
collection
plus,
because
what
happens
with
the
collection
mainly,
is
it's,
of
course,
initiated
on
different
ends?
A
collection
is
initiated
by
the
exporter
you're
collecting
post
shipment
nlc
is
a
pre-shipment
instrument
yeah,
so
it
starts,
but
from
from
a
data
flow
point
of
view.
Of
course
they
they
share.
A
lot
of
infrastructure.
B
B
I
I
have
dlt
can
be
much
more
efficient,
but
the
the
elephant
in
the
room
in
trade,
whatever
trade,
where
it's
an
lc
or
a
collection,
are
the
documents
so
porting
an
instrument
or
the
bpo
from
from
the
tsu
network
to
a
blockchain
network
with
some
sorry,
it's
not
resolving
the
problem.
Documents
are
the
glue
in
international
trade.
They
enable
financial
and
logistical
decisions
solve
the
document
problem
and
you
solve
everything
and
they'll
see.
Will
you
know
the
e-presentation
is
the
missing
component
of
the
bringing
the
e-presentation
together
with
the
trade
origination?
B
The
agreement
is,
is
what
is
going
to
change
things,
not
putting
an
lc
on
on
a
blockchain
network.
That
is
my
opinion.
So
so
it
is
more
complex.
Why?
Because
the
flows
are
more
complex,
a
collection
as
the
life
cycle
is
very
simple.
You
present
you
accept,
or
you
pay
so
in
terms
of
reconciling
a
flow.
It's
much
simpler.
B
The
complexity
overseas
is
mainly
about
tracking
all
the
shipments
keeping
track
of
it
versus
it's.
What
happened?
Also
behind
the
lc,
the
the
orders,
the
orders
need
to
be
updated
when
partial
shipments
have
taken
place,
but
if
you
can
move,
if
you
can
move
to
digital
documents
there,
then
you
can
resolve
dlc
challenges
as
well.
That's
my
opinion.
A
B
A
B
That's
a
very
good
question:
I've
got
I've
got
my.
I
hope
I've
got
some
members
of
my
technical
team
on,
but
I'm
first
going
to
before,
actually
giving
the
technical
response.
I'm
first
going
to
position
china
systems
correctly,
because
in
terms
of
our
technology,
exam
builds
is
our
flagship.
Product.
Exim
bills
can
be
deployed
on
premise
or
in
the
cloud,
our
traditional
model,
of
course,
because
examples
is
probably
one
of
the
most
connected
systems
in
a
bank.
Why?
If
you
remember
the
list
of
systems
at
the
beginning,
a
trade
transaction
generates
accounting
entries.
B
We
we
we
take
down
limits
credit
lines,
we
post
risk.
We
we
integrate
with
treasury,
because
we
we
we
do
payments,
we
we
finance,
we
need
interest
rates,
so
it's
it's.
We
usually
we're
integrated
between
10
and
and
and
40
different
systems
in
the
bank,
so
it
is
from
from
from
a
deployment
perspective.
It
can
be
deployed
on
premise
or
in
the
cloud
we
provide
also
microservices.
B
So,
if
there's
an
overall
cloud
strategy
that
banks
or
anyone
or
corporates
have,
of
course
it
becomes
easier
at
the
moment
if
you,
if
you
create
an
orphan
in
the
cloud,
especially
for
a
trade
system
which
is
so
integrate,
and
if
you
have
big
volumes,
you
have
to
consider
that
that
you
have.
Of
course,
your
integration
is
very
efficient.
If
you
don't
have
high
volumes,
then
deployment
within
the
cloud
becomes
an
easier
decision,
but
but
in
terms
of
the
question,
I'm
probably
giving
you
the
business
person
response,
but
we
can,
I
don't
know
phyllis.
B
A
A
Other
connection
or
if
you're
happy,
you
can
use
our
gui
to
perform
these
operations.
So
all
the
communication
is
done
via
apis
by
your
web
services.
Even
with
the
inigio
stack,
we,
the
bank
should
operate
the
node
so
for
this
demo
to
actually
issue
the
documents
they
operate
and
you
need.
You
know
you
inherit
technology,
the
whoever
has
the
documents
they
don't
need
to
sign
up
to
any
network
or
any
specific
technology.