Surecomp, a Canada-based trade finance solutions provider, has today announced that it has partnered with Enigio, a Stockholm-based provider of digital original documents.
Enigio’s trace:original solution will be embedded into Surecomp’s cloud-based solutions to provide financiers, corporate traders, insurers, and other trade participants with the ability to create and manage digital negotiable instruments, documents of title, and other trade documents.
The digital document technology, integrated through open-API connectivity, will allow Surecomp’s customers to create, manage, and exchange digital trade documents.
This includes letters of credit and bank guarantees in their original state, knowing they will behave and perform exactly as any paper-based original.
Patrik Zekkar, CEO at Enigio, said: “We see this partnership as critical to the evolution of creating an industry standard for digital trade.
“As one of the leading process automation technology providers, it means Surecomp, together with Enigio, can now provide customers with the confidence to digitise trade documentation with interoperability and MLETR-compliance, without the worry of lagging behind.”
trace:original is fully compliant with the International Trade and Forfaiting Association’s (ITFA) Digital Negotiable Instruments (DNI) Initiative, as well as the Model Law on Electronic Transferable Records (MLETR).
It aims to enable a secure and expedited trade finance process with significant cost-efficient and environmental improvements associated with eliminating paper-based processes.
Enno-Burghard Weitzel, senior vice president of strategy and business development at Surecomp, said: “Our customers rely on us to enable them to carry out their trade finance transactions in the most efficient, cost-sensitive, and sustainable way.
“This new collaboration is another key stride forward in continuously enhancing the value Surecomp brings to our corporate and bank customers using our Trade-Finance-as-a-Service cloud-based solutions.”
The news comes less than a month after Surecomp announced a new partnership with the Netherlands’ Rabobank, which is now fully operational using Surecomp’s integrated back- and front-office digital trade finance solutions: DOKA-NG and allNETT.
Rabobank has also deployed one of Surecomp’s Marketplace partner solutions – the digital adoption platform Walkme – which is a no-code solution embedded within the front-office solution.
This will enable Rabobank to track, measure, drive, and guide its customer behaviour and use of allNETT.
To find out more about Enigio’s trace:original solution, read this article by Gunnar Collin, head of sales and marketing at Enigio, published by Trade Finance Global (TFG).