An easy, inclusive, and cost-efficient way of digitalising trade following the leadership of ITFA

Enigio is proud to be part of the ITFA DNI Initiative and provide the key technology component to make the transition to fully electronic trade documents possible and in accordance with the model law for electronic transferable records (MLETR). With the trace:original solution even the most complex trade documents, such as bills of exchange and bills of lading, can easily be digitalised and freely managed by all parties without the need for a closed platform, a rule book or API integrations. These are important benefits that will make the transition to digital easy and cost efficient for all.

One of the key ambitions for the DNI Initiative is to create awareness about this opportunity and give ITFA members the possibility to engage, test and see for themselves. So far this has created a lot of engagement and many banks, corporates and technology providers are now learning, testing and spreading the word. 

DNI working group and subgroups to support regulators

The main DNI working group is global but there are also dedicated subgroups focusing on certain countries or geographies. The objectives in these groups are to support the regulators to adopt the MLETR concept and to prove, that once in place, it is technically possible and very beneficial to do what will be required.

The UK has already proven that this way of addressing the challenge is very successful with the full engagement of ITFA’s DNI Initiative working together with the ICC. France is also moving very fast, again the ITFA DNI Initiative working in collaboration with Paris Europlace.

ITFA Middle East Tradetech Adoption Group to drive MLETR adoption

Another region with high digitalisation ambitions for trade is the Middle East, and as a result the ITFA Fintech Committee launched the ITFA Middle East Tradetech Adoption Group in mid 2022. Focus has been on driving adoption of MLETR policies and technologies.

Banks participating in this group are benefitting through (1) discovery and educational sessions on policies and related technologies; (2) engagement in pilot transactions to develop collaborative use cases and (3) engage in advocacy on MLETR and the use of digital assets in their respective jurisdictions.

"The Middle East presents the right ingredients for success: policy makers have taken the lead on MLETR and digital assets whilst regional banks are continuously investing in innovative solutions to address corporate and SME needs.”, says André Casterman, Chair of ITFA Fintech Committee. “The regional Tradetech Adoption Group is building on those foundations to accelerate effective implementations and demonstrate new value from advanced policies and technologies.”

Tests and pilots without large investments

The Middle East Tradetech Adoption Group has benefited from expertise and tools available at global level through members of the ITFA Fintech Committee. They have also used the ITFA DNI sandbox, for conducting tests and pilots.

Enigio are proud to be a part of this movement and provides banks, corporates and other technology providers the possibility to explore and learn, together with others, about the art of the possible when it comes to digitalising even the most complex trade documents. A part of our commitment to the ITFA DNI initiative is to provide its members with the dDOC manager, a full sandbox for testing the trace:original solution for electronic trade documents. This is also a safe, collaborative and very cost-efficient way of getting future proof and lay the ground for live implementations and live transactions. This without having to make large investments in projects, software or membership fees. Being an early mover is often a challenge, especially for banks, but in this context, it is possible to move together sharing the same ambitions and objectives.