Singapore unveils BL checker for banks

Banks can automatically retrieve data points to verify if the Bill of Lading is genuine.

The Trade Finance Registry (TFR) and SGTraDex have launched the Bill of Lading (BL) Genuineness Check.

The automated, industry-wide solution enables banks in Singapore to verify the genuineness of their BLs in real time.

The BL Genuineness Check will enable banks to retrieve data points from carriers quickly and automatically, in contrast to the current manual process, in which banks call or send emails to conduct such verifications.

BLs are transferable documents that represent ownership of goods in transit. They are also used as supporting documents to apply for trade financing.