essDOCS announces electronic Presentation of trade documents over SWIFT and extension of electronic bills of lading to support Bank Payment Obligation
Electronic Presentation over SWIFT provides banks with value-adding supply chain capabilities for their customers’ businesses while leveraging existing SWIFT infrastructure, giving corporates access to the largest and most secure multi-bank platform in the world: the SWIFT network
London, United Kingdom, 24 March 2014: London, United Kingdom, 26 March 2014: essDOCS, the leading shipping and trade eDocs provider, has announced two major projects extending its electronic document solution offerings and enhancing the capabilities of SWIFT bank & corporate users.
The first project will allow for eUCP Presentation of electronic shipping documents required under a letter of credit over the SWIFT network. All relevant trade and shipping documents, from electronic bills of lading, commercial documents, independent inspectors’ certificates, government certificates and chamber of commerce signed certificates of origin can be created in essDOCS CargoDocs™ solution and now be submitted to banks over the SWIFT network under an eUCP 600 documentary credit. The project therefore allows banks to leverage their existing investment in SWIFT while expanding their offerings to corporate customers globally.
The second project is focused on tying CargoDocs™ electronic bills of lading to the Bank Payment Obligation (BPO) transactions which are operated on SWIFT’s Trade Services Utility (TSU) transaction matching application. Corporates and Banks will be able to submit original data from the electronic bill of lading and supporting documents as trade data to be matched against the BPO payment conditions as well as automate the release of original documents to the buyer on a BPO match. This integration of CargoDocs™ functionality with the SWIFT network meets the full goals of BPO by providing straight-through processing of key data, reducing risk, and accelerating the trade and finance processes for all four corners of a BPO transaction.
Markus Wohlgeschaffen, Global Head of Trade Finance & Services at HypoVereinsbank/UniCredit Group said:
“Every decade, the data volume in our clients' value chains multiplies by a factor of 1,000. One of the main reasons for this is the implementation of straight-through processing wherever possible to speed up processes and to reduce operational risks. To provide real value-add for our clients, the collaboration with essDOCS is an integral part of the straight through process both for the traditional and the innovative trade business that include new concepts such as the Bank Payment Obligation (BPO), which are indispensable for UniCredit's Global Transaction Banking product offering"
Andre Casterman, Global Head Corporate and Supply Chain Markets at SWIFT and co-chair of the BPO project at the International Chamber of Commerce said:
“Interest for the new Bank Payment Obligation instrument continues to grow by the day, raising some real-world questions about the trades and markets where BPO can and should be used by corporates in addition to their existing trade finance tools. By combining essDOCS CargoDocs™ with the BPO, banks will appreciate the ability to rely on authenticated electronic transport data for matching in the SWIFT TSU whereas Buyers will benefit from faster delivery of transport documents.”
Alexander Goulandris, essDOCS CEO said:
“We are delighted to be working with SWIFT on these two projects. We see SWIFT as the multi-bank channel and the only economically viable channel to reach all 1,000 banks involved in trade finance globally. As the interest and use of eUCP Presentation and BPO increases, the SWIFT network is a crucial tool in delivering electronic bills of lading to banks across the globe.”
essDOCS* propels paperless trade through a wide range of Global Trade Execution (GTE) solutions. Specifically, our solutions automate document processes relating to operations, finance and compliance of physical cargo movements. Our cornerstone product, the industry-leading electronic bill of lading (eB/L), is currently used by over 1,350 customers globally, ranging from half of the Fortune 10 Global companies to innovative SMEs.
Nicholas Demetriou, VP Marketing
T: +30 210 724 5960
M: +357 99408222
*Formerly trading under the name Electronic Shipping Solutions