Finastra and Enigio team up to boost paperless trade finance
By Megha Bhattacharya
Finastra today announced the integration of its Fusion Trade Innovation and Enigio’s trace:original for the development of a solution responsible for managing and handling digital original documents using DLT. The integration will be carried through Finastra’s FusionFabric.cloud open developer platform and is expected to offer benefits including straight-through processing and machine readability for faster turnaround times and shorter servicing lead times.
“The open integration of Enigio’s trace:original with Fusion Trade Innovation makes it incredibly easy for banks to generate traceable documents, with the significant benefits that this brings – including increased efficiency, reduced costs and increased fraud protection,” said Iain MacLennan, VP Trade and Supply Chain Finance at Finastra. “We look forward to welcoming customers into the era of digital trade, helping to make paperless trade finance a reality.”
Enigio trace:original uses distributed ledger technology (DLT) to create an authoritative digital original document whose legal rights are held by its owner. trace:original eliminates the risks associated with paper documents and provides powerful fraud security. Furthermore, by removing the need to manage ‘double data’ – a paper original and its digital copy, further reduces operational risks.
“Finastra is a valued partner and we’re thrilled that our trace:original documents are now available to banks using Finastra’s Fusion Trade Innovation solution through Finastra’s FusionFabric.cloud platform,” said Göran Almgren, CEO at Enigio. “The integration gives customers the ability to reduce costs and inefficiencies in their processes while minimizing risk and complying with legislation. As a result, banks can focus their time on delivering added value to clients as well as on other more strategic matters.”
Recently, Finastra and the International Chamber of Commerce announced a collaboration for combating the growing trade finance gap, thus offering micro-, small, and medium-sized enterprises (SMEs) access to a set of alternative financial resources.