essDOCS partners with Infosys Finacle for Blockchain Technology Led Trade Finance Automation
essDOCS, the leading enabler of paperless trade, today announced a partnership with Infosys Finacle, part of EdgeVerve Systems, a wholly owned subsidiary of Infosys (NYSE: INFY), for driving automation in Trade finance processes though 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.
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.
Finacle Trade Connect is a blockchain-based application developed specifically to address and simplify 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.
The joint solution will focus on trade finance transactions including Letters of Credit (LCs), Documentary Collections, Guarantees and more, allowing 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 will result in 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.
Venkatramana Gosavi, Senior Vice President and Global Head of Sales, Infosys Finacle, said: “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.”
Alexander Goulandris, co-CEO essDOCS, added: “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.”