Federal Bank teams up with WaveBL to deliver trade finance solutions

Federal Bank, an Indian private sector bank headquartered in Kochi, Kerala, announced on Monday that it has partnered with WaveBL, an Israeli-based fintech company, to complete single-bank digital export collection bill transactions in India.

Through this partnership, Federal Bank becomes the first India-based bank to execute a cross-border trade transaction using blockchain-based electronic Bill of Lading provided by WaveBL. The collaboration aims to streamline trade finance processes, offering customers a seamless and efficient service that ultimately saves time and cost.

WaveBL provides a blockchain-based business technology solution that enables the transfer of all trade documents digitally while maintaining the uniqueness and originality of the documents. According to a statement by Federal Bank, the cooperation with WaveBL is in line with the bank's strategy to enhance its digital innovative capabilities in the market. The digitalisation also claims to completely eliminate the risk of forgery, loss, and theft of paper versions and aligns with Environmental, Social, and Governance (ESG) principles by reducing paper consumption and carbon emissions associated with courier services.

WaveBL has strong alliances with leading companies in global trade to drive faster digitalisation and adoption. "This milestone underscores our shared vision of leveraging technology to deliver superior banking solutions that empower businesses to thrive in an increasingly digital world. We're happy to have Federal Bank on the WaveBL network," said Ofer Ein Bar, VP Financial Institutions at WaveBL, speaking about the partnership.

Kerafibertex International, a company registered with Federal Bank since October 27, 2015, and known for pioneering the adoption of WaveBL's blockchain-based electronic bills of lading platform, sees this partnership as a significant leap forward in enhancing the efficiency and security of its supply chain operations. "This innovative approach not only streamlines our documentation process but also significantly reduces the environmental impact by transitioning to a paperless system," said Noby P S, Director of Kerafibertex International, calling it part of the company's commitment to leveraging cutting-edge technology for sustainable and efficient trade practices.

In March, Federal Bank was recognised by Dun & Bradstreet as the ESG Champion of India 2024 in the Commercial Banks sector. ESG Awards are a token of appreciation to honor and recognise companies for their ESG performance towards achieving sustainable development goals.