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Our established partnership with Barclays and their understanding of our business provided a strong working foundation for this innovative solution. The Wave platform provides full visibility of the documents to all the parties in the trade transaction enabling the speedy transfer of title documents and offers a very positive user experience.
David O’Rourke, Group Trade Finance Manager, Ornua Co-operative Limited
Ornua is a leading agri-food commercial co-operative which markets and sells dairy products on behalf of its members; Ireland’s dairy processors and, in turn, the Irish dairy farmer.
Headquartered in Dublin, Ornua is Ireland’s largest exporter of Irish dairy products, exporting to ca. 110 countries worldwide and has sales of ca. €1.75 billion annually. Ornua has many well-known brands within its portfolio including Kerrygold, Dubliner, Pilgrims Choice, Shannongold, Forto and BEO milk powder brands.
Ornua has a well-established network of international trade business and, working with Barclays, sought to streamline some of the lengthy processes in supply chain finance. Multiple participants in different jurisdictions often require a significant amount of paperwork, counter-signatures and courier journeys.
This complexity and reliance on paperwork can be costly, time-consuming and open to the risk of fraud.
Barclays worked with innovative start-up company, Wave, a graduate of the Barclays Accelerator programme, to provide a channel allowing the execution of the first live trade finance transaction, a documentary letter of credit, using blockchain technology.
The administrative process around the handling of commercial documents and settlement process for a shipment of cheese and butter to the Seychelles was reduced from many days to around four hours. This offers the potential to reduce costs for businesses and optimise internal operational processes for banks and other parties involved in the supply chain, while reducing the risk of documentary fraud.
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