Digitalising your export process and financing doesn't have to be complicated, nor costly.
When developing trace:original in close cooperation with clients, we have found and overcome many challenges. By sharing our learnings we aim to help you avoid pitfalls and take advantage of the benefits of the act. Here are some questions to support your successful digitalisation.
80% of all global trade is based on UK law. According to the previous law it was not possible to possess documents that are intangible. Paper-based processes are inefficient, error-prone, and subject to frequent delays – particularly in times of disruption. There are also the environmental costs of paper to consider.
The UK Electronic Trade Documents Bill has now passed and the Act allows electronic documents as long as they fulfill all the necessary legal requirements. This means that an electronic document can be used instead of a paper document. By using electronic documents paper can be eliminated, making trade faster, safer and more economical and sustainable. Allowing electronic documents is an important building block for automation in trade and finance.
More questions to be added.
Do you have other questions or considerations about implementing the UK Electronic Trade Documents Act?
Feel free to submit them to us and we will respond, regardless of whether your question is general or specific to your use case.