essDOCS partners with Voltron to integrate CargoDocs DocEx into blockchain trade finance application
Swieqi, Malta – 04 April, 2019: essDOCS, the leading enabler of paperless trade, announced today that it has entered into an agreement to integrate its CargoDocs DocEx solution into the blockchain-based Voltron application.
Voltron – developed on R3’s Corda platform – provides a multi-bank channel for companies to digitally manage (i) issuance of Letters of Credit (LCs) and (ii) electronic presentation of trade documents, including title documents such as Bills of Lading (B/Ls).
The CargoDocs-Voltron integration allows banks and corporates to access all data (and documents) under the Letter of Credit – consolidated within the Voltron application – thereby providing a single integrated solution with open, non-siloed data.
Furthermore, the combination critically provides Voltron member banks with a direct connection to essDOCS’ CargoDocs DocEx user network of over 6,000 exporters, traders, importers, shipowners, ship agents and independent inspectors.
essDOCS Co-CEO & CRO, Alexander Goulandris, said: “We’re excited to partner with Voltron banks as this combination allows greater paperless trade coverage. In addition, we see cross-platform connectivity as critical to mass adoption of digital trade solutions, breaking down digital islands and enabling companies or banks to access numerous inter-related solutions in their platform of choice.”
Samuel Mathew, Global Head, Documentary Trade Product Management at Standard Chartered Bank and Voltron founding member bank said: “The essDOCS integration marks another milestone for Voltron and our overall trade digitization journey. This takes us one step closer to a common blockchain-based Letter of Credit platform integrated with electronic Bill of Lading capabilities and connectivity across banks, corporate and third-party providers. It will also allow new participants in the Voltron network to integrate seamlessly and efficiently with multiple parties in the LC flow, thereby enabling digitization of their trade flows and real-time visibility of status.”
Jim Bidwell, Head of Trades Services at NatWest Bank and Co-Chair Voltron Steering Committee observed that: “Building the network effect is critical to how Voltron will add value and be relevant for its customers. This agreement with essDOCS is another example of how Voltron is delivering on its core objectives.”
Phase 2 of the Voltron initiative was officially announced on 22 October 2018, and involves Voltron founding-member banks Bangkok Bank, BNP Paribas, CTBC Holding, HSBC, ING, NatWest, SEB and Standard Chartered.
Work on the CargoDocs-Voltron integration is currently underway, with the connection slated for completion in Q2 2019 and to be followed by a series of trials with each of the Voltron banks.
essDOCS enables paperless trade. Its solutions digitize and automate paper-heavy processes, including: online creation/approvals/management of all export documents (CargoDocs DocHub), data extraction and structure from paper documents and back-office automated checks (CargoDocs Auto-Document Processing), end-to-end eDocs management for key trade documents such as electronic Bills of Lading and Warehouse Warrants (CargoDocs DocEx) and application/issuance of electronic Certificates of Origin (essCert).
Over 42,000 companies, ranging from 31% of the Fortune Global 100 to innovative SMEs, use essDOCS solutions across 203 countries.
Voltron is a blockchain-based open industry platform to create, exchange, approve, and issue Letters of Credit on Corda, R3’s blockchain platform. The eight founding member banks are Bangkok Bank, BNP Paribas, CTBC, HSBC, ING, Natwest, SEB and Standard Chartered. Voltron will improve the trade finance process by simplifying Letters of Credit, delivering shorter settlement times, instant discrepancy resolution and simplified sanctions screening. Voltron is inviting banks, technology partners, and corporates to join the network.
Nick Demetriou, CMO, essDOCS