When the shipper is ready to transfer the bill of lading and electronic title – for instance, to negotiate a letter of credit – he authorises presentation in his trade application. As part of this process, the trade application accesses e-title™ to endorse the bill of lading to the bank.
e-title™ validates that the shipper is the registered holder of the electronic title, creates and digitally signs an endorsement record and updates the electronic title registry on the HSM, ensuring that the shipper cannot transfer the electronic title a second time.
To conclude the transfer, e-title™ sends the electronic title and endorsement record to the Trade Application. The ASP combines the electronic title and endorsement record with the electronic bill of lading and other shipping documents for delivery to the bank.
Transferring An Electronic Title (shipper accessing via ASP platform)