BHP Billiton showcases electronic baby LC
BHP Billiton and Xiangguang Copper have transacted a first of a kind back-to-back electronic letter of credit over Bolero, shaving 20 days off a typical transaction.
Yanggu Xiangguang Copper made a payment through a fully electronic back-to-back (baby) letter of credit (LC) involving its Hong Kong trader, Hong Kong Xiangguang International Holdings, to a BHP Billiton joint venture company, on May 29. Those involved said it was the first of its kind using a Bolero electronic platform.
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