Misys and essDOCS, a leading enabler of paperless trade, have joined forces to eliminate the paper-based and manual processes that hamper international trade finance business. In the new partnership, essDOCS’ CargoDocs electronic documents (eDocs) capabilities integrate seamlessly with Misys FusionBanking Trade Services solutions:

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Digitised documents along the physical supply chain can now be leveraged for use in the financial supply chain, creating new trigger points for working capital finance while reducing cost and operational risk for banks and corporate customers.

Digitisation of trade finance

“The digitisation of trade finance is an important step in bringing efficiency and automation to an industry which is crying out for an alternative to manual processing,” said Alexander Goulandris, Co-founder & CEO at essDOCS*. “We are the only company providing a next generation, market-ready solution for paperless trade finance. It makes sense to team up with a forward thinking software provider like Misys first to combine our strengths and to help our many joint clients to make the leap into the digital age.”

The partnership, the first of its kind in the trade finance space, strengthens the Misys and essDOCS offerings and will deliver a one-stop shop for banks, reducing interface and maintenance costs. It will also provide a single solution for corporate clients and supply chain participants to link eDocs to transactions and allow all parties to see and manage documentation and track goods along the physical supply chain. With more readily available digital documentation, banks will be able to reduce transaction processing times for clients, minimise discrepancies and provide greater visibility to clients around the movement of goods. Banks will benefit from additional transparency and a better way to assess working capital, reduce risk and identify new opportunities for post-shipment finance.

This relationship also bolsters the Misys partner ecosystem, which helps to drive a one-stop shop for trade finance and supply chain finance solutions. Other key partnerships include FircoSoft and HiTec Labs.

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* CargoDocs is a digital trade platform which enables companies to manage trade and shipping documentation required for exports, imports and trade finance paperlessly. FusionBanking Trade Services provides a front-to-back platform for trade and working capital services through FusionBanking Corporate Channels – a unified digital platform for trade, supply chain, cash, treasury and lending services – integrated with FusionBanking Trade Innovation, the market-leading back office solution for the processing of trade and supply chain finance products.

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CTMfile take: The players in trade finance have to come together to provide the integrated services corporates need. This is an important example of what is happening.