Hyundai, Korean bank to process electronic bills of lading
KOREAN BANK TO PROCESS ELECTRONIC B/LS
Hyundai Merchant Marine and the Korea Exchange Bank plan
to set up a system to allow customers to deal with cargo transportation business
transactions through the Internet.
Under the proposed procedure, shippers will receive
bills of lading via the bank on the Internet.
"The system will provide for export price discounts
and obviate the need for clients to visit Hyundai Merchant Marine offices to
perform transactions," a spokesman for Hyundai said.
The Korean carrier will establish an on-line network
which will issue B/Ls through the Internet at the Korean Exchange Bank’s
headquarters and at 54 branch offices throughout Korea.
Hyundai expects the system to speed up and simplify the
turnaround of documentation and bank processes.
Hyundai already issues B/Ls to its major customers
through the Internet and said that it will now extend this service to all
customers around the world.
The Korean shipping line also plans to cooperate with
other banks in the future.