In this ICC UAE Digital Dialogue together with ICC China, Vincent O’Brien challenges China Systems’ Joel Schrevens by giving him the task to prove how a paper-based guarantee process can transform into an end-to-end digital guarantee process, using its existing Trade and Supply Chain Finance platform integrated with Enigio’s solution trace:original.
China Systems applied several techniques to determine whether trace:original would be a viable solution for digitising documents like bank guarantees and found that:
- The solution offers cross-platform reach. This feature is vital because trade flows have multiple participants and onboarding them into a single network is hard.
- trace:original is futureproof. Standards are ever-changing, and China Systems sought a solution that can evolve with the standards.
- The technology serves as a 24/7 digital notary. A digital notary is a crucial element in digitising documents because it verifies the integrity, originality, possession, and authenticity of digital documents.
- trace:original is based on open standards. It provides a digital container to ferry business data but allows the industry to customise standards within the container.
- The solution replaces wet-ink signatures with digital signatures.
- The technology is fully transparent and can be easily integrated with China Systems’ existing processing flows, thereby offering an omni-channel solution, supporting paper-based and fully digital interaction
Watch the video to learn how Vincent O’Brien draws the conclusion that trace:original’s Digital Notary offers the missing link in the process to digitise bank guarantees. Joel Schrevens confirms that this Notary is the “key component” because it can act as the trusted party in the trade flow and that the best thing about it is that it does not get involved in the business aspect of the transaction.