Temenos Partner With essDOCS For Digitization
The initiator of paperless trading, essDOCS has now come in terms with Temenos’ MarketPlace. The current digitized solution is all set to offer integration of essDOCS’ CargoDocs solution to Temenos Transact. This new system will give way to an improved and next generation of core banking software that will give a push to the digitisation of global trade.
The software will enable the digitalization of the entire procedure to initiate peerless shipping and e-trade documents that will also include electronic signing and real-time transfer of original documents such as bills of lading. Working closely with the Temenos Transact, Temenos’ corporate banking customers have been provided with this empowering solution to initiate and execute the entire operations in a Trade Finance value chain.
Talking on how their latest venture will turn around the way the traditional trades used to take place, Jenny Alexandrou, senior product manager of Trade Finance for Temenos, said in her announcement. "With the integration of the essDOCS platform into Temenos Transact for our trade finance clients, we can help financial institutions further improve their current processes, reducing the number of days that trade documents take to reach advising and issuing banks, and thereby facilitating faster presentation and payment”.
Further exclaiming her delight on the commencement of their new project, Jenny further added. “We are delighted to partner with Temenos to assist its customers in further digitizing and automating their trade and trade finance processes. essDOCS allows Temenos clients to provide an enhanced digital trade finance offering and experience to corporate customers, while both banks and corporates alike benefit from major operational efficiencies and savings achieved through our solution.”
Their new collaboration tends to bridge up the gap that has created a considerable dent in the trade finance sector and has caused disruptions in both monetary and business terms. The brand believes in the core values of Trade Finance and believes that a majority of the efficiency in this sector is lost due to the failing speeds of funding process and the unnecessary need for physical documents.
The new merger will look forward to creating a digital eco-space with their solution as the essDOCS allows its users to digitally prepare, sign, manage, present trade documents and also legally transfer funds through this automation arrangement. The ultimate aim of CargoDocs also lies in decreasing the need for manual paper processes, as per their latest announcements.
Adding further on the entire series of announcements, Mick Fennel, business line director of Payments at Temenos, explained the entire situation on how the on-going pandemic has had a devastating effect on trade across the globe and how it has laid adverse destruction of funds. Their newly created process hints at accelerating the changes to the businesses' receivables structures that have already started falling apart during the trying times and proved its inadequacy.
Further, he also said that the companies participating in trades are no longer having months to focus and develop custom solutions and services, instead, they need to amend to new changes quickly.