Toronto, Canada, 3 June 2021 – Surecomp® today announced that it embraces and is fully equipped to support the G7 move that will allow companies to electronically transfer trade documents for improved efficiency and cost savings.
The recent pledge from the G7 technology ministers – which has been welcomed by the ICC and further backed by the UK’s Law Commission who is now also legislating to allow for digital trade documents – has put trade digitization firmly at the top of the post-pandemic recovery agenda. Surecomp reinforces the view that this milestone is a pivotal turning point in helping remove the trade inertia associated with paper-based document transfer.
Surecomp is able to provide banks across the G7 and beyond with a fully digital front-office solution that allows their corporate customers to use true electronic documents of title as soon as national legislation is enacted. Using an electronic bill of lading enables all participants to conduct end-to-end digital trade finance based on the traditional letter of credit, merging the trust in the crisis-proven letter of credit with the benefits of an electronic transaction in terms of speed, security and convenience. In supporting electronic title documents, Surecomp’s front-office solution is able to provide sufficient time for banks and corporates to be prepared by the time legislation is in force.
“This is not only a momentous step in the evolution of trade digitization, but a fundamental one to the recovery and growth of global trade as a whole,” reiterates Alexander Goulandris, co-CEO and CRO of essDOCS and co-chair of the ICC’s digitization working group. “The increased interoperability facilitated by partnerships between technology providers such as Surecomp and essDOCS, will result in notable cost and efficiency benefits, which will in turn lead to unprecedented trade collaboration, inclusion and economic growth.”
“By continuing to invest in digital solution innovation, Surecomp is wholly dedicated to setting the new global standard in trade finance digitization,” states Enno-Burghard Weitzel, Surecomp’s SVP of Strategy, Digitization and Business Development. “Thanks to the ICC and the G7, we are on the cusp of true digital trade transformation and Surecomp is providing an integrated solution to our customers ahead of time.”
essDOCS enables paperless global trade management. Its CargoDocs platform digitizes, automates, and accelerates trade operations, finance, logistics, compliance, and visibility. Its essCert platform digitizes the certification of preferential and non-preferential certificates of origin and other export/import-related documents issued by Chambers of Commerce or other authorities. 58,000+ companies, ranging from 31% of the Fortune Global 100 to innovative SMEs, use essDOCS solutions globally in warehouses as well as bulker, tanker, container and barge movements. Customers are supported from offices in London, Athens, Galway, New York, Shanghai, Kolkata, Adelaide and Singapore. To find out more, visit essdocs.com
Surecomp® is the market leader in global trade finance solutions for banks and corporations. An industry pioneer for over thirty years, we provide an innovative digital portfolio of cloud and on-premise trade finance, supply chain finance and treasury solutions, streamlining the transaction lifecycle to enhance operational efficiency, ensure compliance and drive growth. With a global footprint of eight offices in Toronto, New York, Santiago, Buenos Aires, London, Hamburg, Tel Aviv and Singapore, we partner with a prestigious customer base in over eighty countries across the world. For more information about Surecomp visit surecomp.com.