Societe Generale achieves milestone with fully digital letter of credit transaction between UK and France

Societe Generale has achieved a new milestone in the digitalisation of international trade as it confirmed the first fully digital letter of credit (LC), issued by Lloyds for Board24 Ltd in favour of BOBST Lyon, France, on 8 June 2026.

Executed through the Enigio solution, this transaction shows the growing capacity of the trade finance ecosystem to move beyond pilot initiatives toward large-scale real-world implementation.

Just months after the International Chamber of Commerce (ICC) Banking Commission Annual Meeting held on 18 and 19 March 2026 at Societe Generale’s headquarters under the theme “Shaping the Future of Trade Finance in a Multipolar World,” another milestone was achieved with the completion of a fully digital LC transaction between the United Kingdom and France.

This transaction marks a significant advance for the trade finance industry, which has long been constrained by paper-based transferable documents and the complexity of interactions among multiple stakeholders involved in global trade.

Christian Cazenove, Head of Group Trade Oversight & Advocacy, Societe Generale, said, “This transaction marks an important milestone in the evolution of digital trade finance and reinforces Societe Generale’s position at the forefront of the industry’s transition towards interoperable and fully digital trade solutions.”

“Enabled by Enigio’s solution and achieved through the collaboration of Societe Generale, Lloyds, BOBST Lyon-France and Board24, it demonstrates how a connected ecosystem can successfully deliver end-to-end digital trade transactions under real commercial conditions, paving the way for scalable and efficient alternatives to traditional paper-based processes.

Why is it crucial? 

For decades, international trade has relied on paper documents, including non-negotiable documents (invoices, packing lists, certificates of origin) and negotiable documents such as bills of lading, bills of exchange, or promissory notes, whose physical possession was required to transfer the rights they embodied.

The gradual adoption of the Model Law on Electronic Transferable Records (MLETR) has established legal equivalence between paper-based and electronic transferable documents. This regulatory framework, implemented in several jurisdictions including France and the United Kingdom, paves the way for full digitalisation of documentary flows in international trade.

As regulatory certainty increases and market infrastructures mature, electronic transferable records are expected to play a key role in making international trade faster, more secure, and more efficient.

A multi-stakeholder transaction

The transaction supports a commercial relationship between Board24 Ltd, one of the UK’s leading independent manufacturers of corrugated board and packaging solutions, and BOBST Lyon-France, a global leader in substrate processing, printing, and converting equipment for the label, flexible packaging, folding carton, and corrugated industries.

To facilitate the purchase of an Expert machine along with related equipment, Lloyds issued the LC on behalf of Board24 Ltd, which was subsequently confirmed by Societe Generale in favour of BOBST Lyon-France. This transaction is the first real-world trade finance operation to rely entirely on digital documentation throughout the process, completed in France.

Technology serving security and trust

The transaction was enabled through Enigio, a Swedish technology company specialising in secure management of original electronic documents. At the core of the solution is Enigio’s trace:original technology, which creates, transfers, and manages unique, secure, and traceable digital documents.

This technology allows the exchange of trade finance instruments, including letters of credit and electronic bills of lading, without paper. It also ensures document uniqueness, sole control, identification of signatories and holders, and maintains document integrity.

This approach addresses a key challenge in international trade: enabling legally transferable documents to circulate electronically without compromising security, compliance, or legal certainty.

A Step for international trade efficiency 

Beyond its pioneering nature, the transaction highlights the potential of digital infrastructures to streamline international trade flows.

Digitalising trade documents speeds up processing times, reduces risks linked to physical document handling, and enhances traceability between exporters, importers, banks, and logistics providers.

This shows the trade finance community’s commitment to creating faster, more efficient processes, which help businesses of all sizes access diverse solutions that minimise risks in international transactions and attract young talent to the sector.

Leadership quotes

Surath Sengupta, Head of Transaction Banking, Lloyds, said, “Lloyds has been leading the charge to digitise documentary trade for a number of years and this transaction marks an important milestone in that journey. Together with Societe Generale, Board24, BOBST Lyon-France and Enigio, we’ve completed our first digital trade transaction between the UK and France.”

“Alongside delivering digital trade transactions for our own clients, we’ve been working with partner banks to identify practical digital trade flows and accelerate adoption across the market. As a result, our digital trade volumes have increased more than fourfold year-on-year. Transactions such as this demonstrate what can be achieved when banks, corporates and technology providers collaborate to create scalable, interoperable digital trade solutions, helping pave the way for the future of global trade.

Nadine Thevenoux, Trade Finance Specialist, BOBST Lyon – France, said, “This transaction is a great example of what can be achieved when technology is combined with strong collaboration between all stakeholders.”

“Managing a fully digital letter of credit requires close coordination and trust between the corporate parties, the banks and the technology provider. Throughout the process, the close cooperation between Board24, Lloyds, Societe Generale and Enigio enabled us to address the challenges together and ensure that the transaction progressed smoothly from beginning to end.”

“For me, this is what makes this milestone particularly meaningful: it demonstrates that digital trade finance is not only technically possible but can work efficiently in real commercial conditions when all Stakeholders work together towards the same objective.”

James Taylor, Finance Director, Board24, said “Board24 is proud to have been part of a milestone that shows how digital trade finance can deliver real value in a live commercial environment.”

“Working alongside BOBST, Lloyds, Societe Generale and Enigio, the process demonstrated how strong collaboration, clear communication and the right technology can simplify traditional trade flows while maintaining the security, control and confidence required for international trade. This is an important step forward in making trade finance more efficient, transparent and scalable, and it highlights the practical benefits that digital solutions can bring to businesses and their trading partners.

Alex Waites, Chief Sales Officer, Enigio said, “This transaction demonstrates that digital trade is no longer a future ambition, it is now delivering tangible value in live commercial environments. Seeing leading organisations such as Societe Generale, Lloyds, Board24 and BOBST Lyon-France successfully complete one of the first fully digital letters of credit between the United Kingdom and France is a significant milestone for our industry.”

“By leveraging Enigio’s trace:original technology, the parties have shown that legally transferable trade instruments can be managed digitally while preserving security, control, integrity and compliance. As more jurisdictions adopt MLETR-aligned legislation, we expect transactions like this to become the standard, helping organisations reduce operational complexity, increase efficiency and unlock the full potential of digital trade.

What’s next?

This first transaction paves the way for broader adoption of electronic transferable documents within international trade. As national regulatory frameworks evolve and digital platforms increase interoperability, market participants will progressively digitalise the entire documentary lifecycle, from the underlying commercial contract through financing to goods delivery.

The challenge now lies in moving from pioneering transactions to widespread adoption capable of transforming global trade practices on a lasting basis.