Bunge Starts Global Rollout of CargoDocs
Global agribusiness and food company signs agreement to use CargoDocs electronic bills of lading and supporting eDocs on all grain and oilseed shipments
Valletta, Malta, 5 March 2015: essDOCS announced today that global agribusiness and food company Bunge Limited (NYSE: BG) has signed up to rollout CargoDocs across its grain and oilseed trade routes worldwide.
The contract follows a series of simulated and live electronic bill of lading trials by Bunge on grain shipments from Brazil, Argentina and the United States to Spain, Italy and Vietnam in 2014.
CargoDocs forms part of Bunge’s holistic approach to automating its trade execution and finance processes. The total solution covers:
- eDocs prepared online at various Bunge origins
- Letters of credit and guarantees being managed electronically, including use of MT798, between Bunge and its multiple banks
- Documents being electronically signed and managed through the supply chain in CargoDocs
The rollout was kicked off at an offsite in Miami in January 2015, with Bunge Trade Execution leads from all over the globe.
Bunge has already commenced notifying its key trade partners, banks and carriers of its intention to move to CargoDocs. eDocs will be used for open account transactions, as well as trades under eDocumentary Collections and eUCP Letters of Credit.
Vincent Minna, Director of Finance & Trade Execution, Bunge S.A., said: “We have selected CargoDocs as one of our best-of-breed applications which will enable Bunge Trade Execution and Finance departments globally to move towards paperless trade. Most industries have been waiting for eDocs for many decades, and CargoDocs has decidedly demonstrated to Bunge that they have a global solution which delivers on all the promise.”
Alexander Goulandris, CEO, essDOCS, said: “We are delighted that the acceptance of eDocs in the Agri market continues to grow, slowly but surely. This decision by Bunge to embrace CargoDocs is another key step towards the acceleration and automation of documentation processes in the soft commodity market.”
Bunge is the second of the major agri houses to adopt CargoDocs for a global rollout.
Notes to Editors:
About Bunge Limited
Bunge Limited (www.bunge.com, NYSE: BG) is a leading global agribusiness and food company operating in over 40 countries with approximately 35,000 employees. Bunge buys, sells, stores and transports oilseeds and grains to serve customers worldwide; processes oilseeds to make protein meal for animal feed and edible oil products for commercial customers and consumers; produces sugar and ethanol from sugarcane; mills wheat, corn and rice to make ingredients used by food companies; and sells fertilizer in South America. Founded in 1818, the company is headquartered in White Plains, New York.
essDOCS is the world’s leading enabler of paperless trade, providing customer-led solutions that automate and accelerate trade operations & finance. essDOCS’ flagship solution – CargoDocs – delivers significant value to the entire supply chain: enabling users to streamline processes, reduce working capital needs and risk, while improving collaboration, compliance and visibility across organisations. Over 2,100 companies, ranging from 10% of Fortune Global 500 to innovative SMEs, use essDOCS solutions across 65 countries in the energy, agriculture, chemicals and metals & minerals markets.
Nicholas Demetriou, VP Marketing
T: +30 210 724 5960