The most commonly used basic standard in trade finance communication is definitely still the document. Being able to digitise all aspects of a paper document is therefore key for being able to digitise trade as a whole. The challenges have so far been around digitising the key trade documents such as negotiable instruments and documents of title. This challenge has now been overcome thanks to Enigio’s trace:orignal digital document solution and the rapid global adoption of UNCITRAL’s Model Law for Transferable Electronic Records.
Getting the basic digital original standard right is good but it can become even better if the content also can be standardised in a pre-agreed form, this is what the Standardised Trust has been focusing on and has resulted in the creation of freely available JSON schemas. These JSON schemas can easily be used in Enigio’s trace:original documents which means that it is now possible to create freely and platform agnostic transferable records in the form of digital original document with a standardised content.
Trade Finance Global’s Editorial Director Deepesh Patel interviewed Enigio’s Gunnar Collin with two other representatives from the Standardised Trust – Harri Rantanen and Saila Alapiha to discuss:
– The role of SWIFT in messaging – what works and what doesn’t work
– XML markup versus JSON schema
– Simplifying SWIFT’s Guarantee messaging
– Building and simplifying models which are easier for developers to work with
Read the article to learn more about the discussion.