essDOCS partners with Infosys Finacle on DLT-based trade finance automation
Trade digitisation company essDOCS has announced a partnership with digital banking suite Infosys Finacle that is designed to bring automation to trade finance processes though distributed ledger technology (DLT). The essDOCS’ CargoDocs DocEx solution will be integrated with Finacle’s blockchain-based trade finance solution, Finacle Trade Connect, for select use-cases.
Infosys Finacle has previously integrated with firms such as Visa and Santander on cash management and B2B payments solutions.
The joint solution with essDOCS 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.
The joint solution aims to provide a single, distributed source of truth that increases transaction trust and transparency, while using core functions of CargoDocs DocEx – including the ability to instantly draft, review, amend, sign, issue, transfer, present and surrender relevant original electronic documents such as the bill of lading. This is designed to result in increased transaction speed, accuracy and control, elimination of paper document fraud risks, automation of document handling processes and real-time access to relevant trade document data.