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London, UK – Global law firm Sullivan & Worcester in London has provided support to Mercore Group Limited (Mercore), the global trade focused fintech group, in relation to the structure behind the UK’s first Digital Bill of Exchange transaction.

The trade finance transaction utilised an electronic payment undertaking (ePU) structure in digital bill of exchange format, with Mercore working with its client Abercore, a UK-based sugar trader and advisory firm. The underlying transaction involved the sourcing of sugar by Abercore from Pantaleon in Nicaragua for onward supply to a UK-based food manufacturer.

Mercore completed the financing leveraging the International Trade & Forfaiting Association’s (ITFA) Digital Negotiable Instruments (DNI) Initiative’s digital bill of exchange text and dDOC specification, together with execution via trace:original, Enigio's solution for digital original documents.

Simon Cook, trade and export finance partner at Sullivan advising Mercore, commented: “The underlying principle and structure behind it is groundbreaking as it will ultimately set the standard for such transactions internationally. It again demonstrates Sullivan’s continuing involvement in the digitalisation of the trade finance industry.”

Further information is included in Mercore’s press release, accessible here.

In August 2022, Sullivan advised Lloyds Bank on the template structure behind what was described as the UK’s first digital “promissory note” purchase, which also used ITFA’s DNI initiative and Enigio’s solution trace; original. Further details can be viewed here.

About Sullivan
Sullivan & Worcester (Sullivan) is a leading AmLaw 200 law firm with approximately 200 attorneys in Boston, London, New York, Tel Aviv and Washington, DC. Sullivan’s clients, including Fortune 500 companies and emerging businesses, rely on Sullivan’s strategic vision, comfort with complexity and intense focus on results. As a global law firm, Sullivan’s reach extends beyond the United States. Sullivan has represented clients around the world and has a deep bench for working on a variety of matters and issues affecting clients globally.

Sullivan’s London office is located at Tower 42 in the heart of the City of London. Details are as follows: 25 Old Broad Street, London EC2N 1HQ, Tel: +44 (0)20 7448 1000.

Contacts:

Simon Cook
Partner, Trade & Export Finance Group
Sullivan & Worcester UK LLP
+44 (0)20 7448 1002
scook@sullivanlaw.com

Will Hulbert
PR
Hulbert & Co. Ltd
+44 (0)1603 431 936 | +44 (0)7774 108 699
will@hulbertandco.com