On 18 August, Lloyds Bank successfully completed a ‘pilot’ transcation using a digital promissory note.
This is the first under the DNI initiative, and a key milestone in the digitisation of trade finance.
The new digital solution delivers a same-day payment to the vendor by removing the need to physically transfer actual notes. This creates a more affordable, safer, more flexible, more sustainable, and transparent online solution that could be applied to other types and sizes of transactions.