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Lloyds Bank has issued a major announcement to customers after completing a UK banking "first". Lloyds and WaveBL, a blockchain-based platform for digital trade documents, have successfully completed a digital Letter of Credit (LC) transaction.

The bank, which has Birmingham branches, says the transaction, a Documentary Credit in favour of West Yorkshire-based laboratory equipment business, Labtex, was completed by Lloyds and a major Indian bank.

It was executed entirely through the WaveBL platform and demonstrates how digital trade is shifting from long processing cycles to almost real-time execution. Switching to digital replaces traditional, paper-based trade finance processes, Lloyds says.

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