Cargill Australia, an Australian agribusiness, has successfully completed its first shipment of grain from Australia to The Republic of Korea (South Korea) using Bolero’s ePresentation platform.
The grain consignment was managed by load-port agent Monson Agencies Australia Pty Ltd, using Bolero’s Carrier Edition interface to issue the electronic bill of lading and involved ANZ bank for Cargill and KEB Hana Bank for South Korean importer JIT International.
Grant McDougall, Supply Chain Manager, Cargill Australia, said: “At Cargill we already know the benefits of using Bolero’s ePresentation platform in terms of speed, efficiency and security. Yet the ease with which this electronic transaction was completed was quite remarkable. It means that for us, as an Australian exporter of grain, ePresentation is the future of transactions with South Korea.
“The electronic bill of lading (eBL) was created by Monson, which then sent it to Cargill and our negotiating bank - ANZ. After due diligence, ANZ presented the documents to KEB Hana Bank and the shipment was carried by Alassia NewShips Management. It was seamless.”
Established in 1967, Cargill Australia services the country’s large grain exports and is in the business of grain and oilseed origination, oilseed processing, grain and cotton trading, grain storage and handling as well as joint ventures in beef processing and flour milling. Parent company Cargill Inc. provides food, agriculture, financial and industrial products and services to the world, employing 150,000 employees in 70 countries.
“The increasing adoption of Bolero’s ePresentation system and its track record of excellence were decisive factors in our choice of solution,” added Grant McDougall, Supply Chain Manager, Cargill Australia. “Bolero showed convincing commitment to partnering with us and our customers to on-board the various trade counterparties in this and future electronic transactions,”
Hari Janakiraman, Head of Core Trade, Transaction Banking, Institutional, ANZ said “Digitisation of Trade Finance continues to grow and at ANZ we are continually finding ways to apply digital innovations for the benefit of our customers. ANZ is pleased to support Cargill by facilitating the documents handling through Bolero. After many years of offering fully electronic presentations under Documentary Credits to our clients and successes in the Asia market, we are pleased to see this take off in Australia.”
Ross Wilkinson, Regional Director for Bolero, Asia Pacific, said: “The transformation of global trade continues to gain momentum as Cargill Australia achieves, via the Bolero platform, the first electronic presentation of documents for grain trade from Australia to South Korea.
“We can expect to see this significant transaction pave the way for many more. It emphasises the growing acceptance around the globe that Bolero’s digital trade finance solutions are the future and that paper belongs to the past.”
Contributed | what does this mean?