Trade Technologies and Enigio today announced an agreement aimed at commercializing the digital transformation of trade workflows for core trade finance transactions. Trade Technologies is the leading global provider of trade finance automation, connectivity and transaction management services; Enigio is the creator of the patented, MLETR-compliant trace:original technology.
Despite decades of effort, core trade finance instruments — commercial letters of credit, documentary collections, bills of exchange, standby letters of credit and bank guarantees — still run largely on paper. Legal reforms including MLETR and URDTT have raised hopes that practical and scalable digital solutions may soon be at hand. This partnership is a significant step towards transforming those hopes into business realities.
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Trade Technologies brings tens of thousands of core trade transactions each year, decades of experience processing paper and digital documents, and a network of 1,500 customers and connected global trade banks and buyers. Enigio brings a flexible, innovative and secure MLETR-compliant technology that carries a human-readable PDF and machine-readable structured data together, opening up a range of delivery options for original trade documents.
The combination of Trade Technologies’ transaction volumes, global footprint, and experience with Enigio’s cutting-edge technology will extend the digital application of electronic trade documents, including electronic bills of lading, bills of exchange and standby letters of credit and guarantees.
Alexander Paetzold, Chief Operating Officer, Trade Technologies and Managing Director, Trade Technologies Germany, stated:
“Incorporation of Enigio’s trace:original technology with the existing automation and digitization provided by our TradeSharp platform and TradeBridge APIs represents another step toward simplification and accelerated payment by further reducing paper-based processes in trade finance. We bring the workflow, the customers and the bank connectivity at scale; Enigio brings the legally enforceable digital original. Combining the two is the next step toward a completely digital transaction, from creation through to presentation and settlement.”
Gunnar Collin, Director of Partnerships at Enigio added:
“Our trace:original technology was built so that trust travels within the trade document. Working with Trade Technologies puts that trust layer inside a proven, large-scale trade operation. It represents a pragmatic path for banks and corporates pursuing greater digitalisation across letters of credit, guarantees and negotiable instruments, using documents they can send to anyone, anywhere.”
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