An Electronic Bill of Lading (eBL) Would Save $6.5 Billion in Direct Costs and Enable $40 billion in Global Trade

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Trade finance can be a huge booster to global trade—to make it accessible by ensuring that importers receive their goods and exporters receive their payments. But the core ecosystem—exporters, importers and banks—is complicated with multiple parties involved in a single transaction.

But according to a CEO of a global trade finance network, there are three factors at play that he thinks will reshape the future of trade finance. 

1.  There are still huge opportunities to digitize trade finance.
2.  Integration between financial institutions and fintechs will be key to future growth.

For example, one area is digitizing documentation and the bill of lading (BL). According to McKinsey, an electronic bill of lading (eBL) would save $6.5 billion in direct costs and enable $40 billion in global trade.

3.  The next wave of innovation in trade finance is in digital assets.

Read more here.

Two Great Illinois Export-Related Events 11/14/19

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Depending on your exporting needs and where you are based, don't miss these upcoming morning programs:

International Trade Workshop, November 14, 2019 in Grayslake, Illinois (8:30-10:00 a.m. CT)

Learn the fundamentals of trade finance so you can turn your export opportunities into actual sales and receive payment on time for them.  You will gain knowledge in export financing, the basic concepts of foreign exchange and billing customers in U.S. dollars versus local currency. You will also learn how to design a foreign invoice in the buyer’s currency.

Manufacturing Export Forum, November 14, 2019 in Schaumburg, Illinois (7:30-9:30 a.m. CT)

The Manufacturing Export Forum will provide an overview on the financing tools, risk mitigation strategies, and accounting considerations that manufacturers face when exporting.

Today in Global Small Business: The Impact of NAFTA on Midwestern Businesses

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What's affecting me, my clients, my colleagues and other global small business owners:

• How could changes to NAFTA impact Midwest businesses?
• Our 3rd Annual Global Small Business Forum held in Chicago on Friday, October 20 with the theme Global E-Commerce Explosion (#GEE) was a HUGE success. We thank our event sponsor, MB Financial Bank and our host sponsor, Loyola University Chicago, Center for International Business, Quinlan School of Business for their support on the program.  We'll be sharing photos and a recap tomorrow, 10/24, at this blog.  Watch for it.
• Urban warehouses:  what's old is new again.
• How can you master and simplify global shipping?  Easy solution.  Listen in on our next WEGGinar™ on 11/1/17 where UPS Illinois Small Business Marketing Manager Andrea Cervini will talk about how to take the guesswork out of international shipping: https://register.gotowebinar.com/register/3272777010361474561.
• Here's why you need to know about trade finance.
• The state of small business marketing.
• What trade data tells us about the state of globalization.

International Trade Finance Webinar (SBA)