BASF South East Asia and its carrier APL Limited American President Lines have implemented an electronic bill of lading programme offered by JPMorgan. The electronic delivery of the bill of lading document - which allows a buyer to take title to the goods once they have arrived at port - will speed up the trade finance process.
Under the system, APL sends an electronic copy of the document to JPMorgan once BASF's Asia-bound products have been loaded onto ships from one of three manufacturing sites in Europe. JPMorgan then prints that document, complete with signatures, and presents it to the importer who uses it to clear the goods from the dock....
