Oracle Financial Services and Enigio join forces to explore how the trace:original electronic document technology can be offered to Oracle’s customers to provide seamless end-to-end digital transfer of title to trade documents.
The combined solution of Oracle and Enigio can help drive forward Oracle’s unique design philosophy to provide a fully digital front-to-back capability for the trade finance industry.
This collaboration can enable Oracle to provide and manage legally compliant electronic trade documents and seamless data transfer for their customers and all counterparts in each trade transaction without needing to onboard onto another platform.
Enigio is a technology company providing the patented B2B SaaS technology trace:originalTM
Enigio’s trace:originalTM is an interoperable solution for digitised original documents, ensuring consistency, integrity, traceability and possession of digital information.
trace:originalTM can be used for any type of documents required in global trade and is fully compliant with the Model Law on Electronic Transferable Records (MLETR). The solution is used by banks, exporters, transport and logistics companies, for negotiable instruments, documents of title, and certificates, including electronic bills of exchange, promissory notes, bills of lading, guarantees, certificates of origin, warehouse receipts, etc.
Oracle offers a comprehensive solution for managing the trade finance operations of financial institutions in a unified manner. The solution enables banks to improve their overall operational efficiency, improve visibility, streamline, and automate trade finance operations. The solution suite offers end-to-end capabilities for a diverse range of trade finance instruments like documentary credits, guarantees, and documentary collections, and automates the life-cycle processing of trade finance transactions.
While digitisation and digitalisation of trade workflows has been a primary focus area of the trade community, the industry has also realized that without ensuring digital trade document interoperability, all progress will result in digital islands with limited scope for industry wide adoption. The United Nations Commission on International Trade Law (UNCITRAL) Model Law on Electronic Transferable Records (MLETR), the Digital Container Shipping Association’s (DCSA) e-bill of lading using open standards, and the International Chamber of Commerce’s Digital Standards Initiative (ICC’s DSI) all promote these three pillars to progressively reap the benefits of digital trade. Digital trade enablers like electronic trade documents, digital signatures, and structured data standards are the key bedrock for driving trade finance interoperability.
Some words from Conor Colleary, senior vice president, Consulting, Oracle Financial Services.
Some words from Patrik Zekkar, CEO of Enigio.
“Oracle is a leader when it comes to fintech collaboration and we are always exploring innovative technologies that complement our solutions and offer enhanced features to our customers. Enigio, with its unique solution comprising a public registry, PKI-based transfer of title and document hashing, provides a seamless solution to support both electronic and digital transfer of trade documents and data, bringing a new paradigm for digital trade finance document management”.
“We are excited to add another significant global partner that understands the benefits and opportunities of trace:original’s technology and interoperability to enable full digitalisation of global trade at a very important moment in trade modernisation and enhancement."