essDOCS partners with Infosys Finacle to automate trade finance through blockchain and DLT

Source: IBS Intelligence 2020-07-09

essDOCS, a company said to be an enabler of paperless trade, announced today its partnership with Infosys Finacle, part of EdgeVerve Systems, a wholly-owned subsidiary of Infosys. The collaboration encompasses the automation of trade finance processes through Distributed Ledger Technology (DLT). essDOCS’ CargoDocs DocEx solution will be integrated with Finacle’s blockchain-based trade finance solution Finacle Trade Connect, for select use-cases.

Venkatramana Gosavi, Senior Vice President and Global Head of Sales, Infosys Finacle encapsulated, “We launched Finacle Trade Connect with the vision of helping banks simplify trade finance processes. The solution provides higher automation and transparency and enables better decision making for both banks and corporates. The partnership with essDOCS will further enhance the solution and help our clients achieve greater automation.”

CargoDocs DocEx is a digital solution for banks and corporates enabling the secure electronic signing, distribution/ transfer and management of original electronic documents – including title documents such as Bills of Lading and Warehouse Warrants – through the supply chain. Blockchain solution Finacle Trade Connect addresses and simplifies the trade finance process requirements for banks, digitizing trade finance business processes including validation of ownership, certification of documents and payments, while working on a distributed, trusted and shared network.

Alexander Goulandris, co-CEO essDOCS enthused, “We are excited to partner with Infosys Finacle and look forward to jointly accelerating digitization of trade in India plus the wider Asia Pacific region. This partnership not only expands the reach of companies and banks with access to CargoDocs, it also allows users to access a full range of paperless trade solutions within the Finacle platform.”

The joint solution will focus on trade finance transactions including Letters of Credit (LCs), documentary collections, and guarantees among others. This will allow banks and their corporate customers to access all data (and documents) under any given financing instrument – consolidated within the Finacle Trade Connect solution – providing a single integrated solution with open, connected and non-siloed data.

Users of the joint solution will benefit from a single, distributed source of truth which increases transaction trust and transparency, while utilizing core functions of CargoDocs DocEx– including the ability to instantaneously draft, review, amend, sign, issue, transfer, present and surrender relevant original electronic documents such as the B/ L. This is expected to lead to increased transaction speed, accuracy and control, elimination of paper document fraud risks, automation of doc handling processes and real-time access to relevant trade document data.

essDOCS

Infosys

essDOCS partners with Infosys Finacle to automate trade finance through blockchain and DLT

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