The parties have signed a memorandum of understanding (MoU) to form a new alliance for a major step forward in digital standardization in the maritime industry.
DCSA, along with its nine member airlines, announced the formation of the Future International Trade (FIT) Alliance with the signing of a Memorandum of Understanding (MoU) between DCSA, BIMCO, FIATA, the International Chamber of Commerce (ICC) and SWIFT, committing the organizations to work together to standardize the digitization of international trade.
Through this initiative, the FIT Alliance will work together to create awareness of the importance of common and interoperable data standards and common legal frameworks across international jurisdictions and platforms.
DCSA has contributed an editorial contribution to our Digital Transformation Journal for their Just-in-Time initiative. Read it here!
The aim is to facilitate the acceptance and acceptance of an electronic bill of lading (eBL) by regulators, banks and insurers and to unify communication between these organizations and customers, physical and contractual carriers and all other stakeholders involved in an international trade transaction.
David Loosley, Secretary General and CEO of BIMCO, commented: “The digitization of container shipment documentation will add value for international suppliers who rely on cross-industry shipping.
“Aligning these standards with the electronic waybill standard for the dry and liquid bulk sectors that we are developing with support from DCSA will help accelerate the digitization of trade globally.”
Thomas Bagge, CEO of DCSA, added: “From the very beginning, DCSA understood the importance of cross-industry collaboration to achieve the elusive goal of a universal eBL.
“The FIT Alliance is an exciting result of our continued efforts to advance this collaboration. Container ships carry 90% of the world’s goods. As such, an incredibly diverse group of stakeholders touch the B/L transaction – from government regulators to insurers to shippers across all industries.
“To achieve widespread use of eBL, they all need to be on board and adopting digital B/L standards. The agreement between DCSA and these various industry bodies is an exciting milestone in our journey to standardize all container shipping documentation through our eDocumentation initiative.”
In November 2021, the DCSA published its Framework of Standards for Port Calling Activities.