essDOCS Partners with Infosys Finacle for Blockchain Technology Led Trade Finance Automation
essDOCS’ CargoDocs DocEx to be available within Finacle Trade Connect solution
Bengaluru, India & Swieqi, Malta – July 8, 2020: essDOCS, the leading enabler of paperless trade, today announced a partnership with Infosys Finacle, part of EdgeVerve Systems, a wholly owned subsidiary of Infosys (NYSE: INFY), for driving automation in Trade finance processes though Distributed Ledger Technology (DLT). essDOCS’ CargoDocs DocEx solution will be integrated with Finacle’s blockchain-based trade finance solution, Finacle Trade Connect, for select use-cases.
CargoDocs DocEx is a digital solution for banks and corporates enabling the secure electronic signing, distribution/transfer and management of original electronic documents – including title documents such as Bills of Lading and Warehouse Warrants – through the supply chain.
Finacle Trade Connect is a blockchain-based application developed specifically to address and simplify the trade finance process requirements for banks, digitizing trade finance business processes including validation of ownership, certification of documents and payments, while working on a distributed, trusted and shared network.
The joint solution will focus on trade finance transactions including Letters of Credit (LCs), Documentary Collections, Guarantees and more, allowing banks and their corporate customers to access all data (and documents) under any given financing instrument – consolidated within the Finacle Trade Connect solution – providing a single integrated solution with open, connected and non-siloed data.
Users of the joint solution will benefit from a single, distributed source of truth which increases transaction trust and transparency, while utilizing core functions of CargoDocs DocEx – including the ability to instantaneously draft, review, amend, sign, issue, transfer, present and surrender relevant original electronic documents such as the B/L. This will result in increased transaction speed, accuracy and control, elimination of paper document fraud risks, automation of doc handling processes and real-time access to relevant trade document data.
Venkatramana Gosavi, Senior Vice President and Global Head of Sales, Infosys Finacle, said: “We launched Finacle Trade Connect with the vision of helping banks simplify trade finance processes. The solution provides higher automation and transparency and enables better decision making for both banks and corporates. The partnership with essDOCS will further enhance the solution and help our clients achieve greater automation.”
Alexander Goulandris, co-CEO essDOCS, added: “We are excited to partner with Infosys Finacle and look forward to jointly accelerating digitization of trade in India plus the wider Asia Pacific region. This partnership not only expands the reach of companies and banks with access to CargoDocs, it also allows users to access a full range of paperless trade solutions within the Finacle platform.”
About Infosys Finacle
Finacle is the industry-leading digital banking solution suite from EdgeVerve Systems, a wholly owned product subsidiary of Infosys. Finacle helps traditional and emerging financial institutions drive truly digital transformation to achieve frictionless customer experiences, larger ecosystem play, insights–driven interactions and ubiquitous automation. Today, banks in over 100 countries rely on Finacle to service more than a billion consumers and 1.3 billion accounts.
Finacle solutions address the core banking, omnichannel banking, payments, treasury, origination, liquidity management, Islamic banking, wealth management, analytics, artificial intelligence, and blockchain requirements of financial institutions to drive business excellence. An assessment of the top 1250 banks in the world reveals that institutions powered by the Finacle Core Banking solution, on average, enjoy 7.2% points lower costs-to-income ratio than others.
To find out more, visit www.finacle.com
essDOCS enables paperless trade. Its solutions digitize and automate paper-heavy processes, including: online creation/approvals/management of all export documents (CargoDocs DocHub), data extraction and structure from paper documents and back-office automated checks (CargoDocs Auto-Document Processing), end-to-end eDocs management for original electronic trade documents such as Bills of Lading and Warehouse Warrants (CargoDocs DocEx), application/issuance of electronic Certificates of Origin (essCert) and fully digital documentary trade finance or supply chain finance under URBPO (Cmatch).
Over 50,000 companies, ranging from 31% of the Fortune Global 100 to innovative SMEs, use essDOCS solutions across 203 countries.
To find out more, visit www.essdocs.com
Nicholas Demetriou, CMO, essDOCS
+30 210 724 5960
Certain statements in this press release concerning our future growth prospects are forward-looking statements regarding our future business expectations intended to qualify for the 'safe harbor' under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, fluctuations in foreign exchange rates, our ability to manage growth, intense competition in IT services including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, industry segment concentration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks or system failures, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which Infosys has made strategic investments, withdrawal or expiration of governmental fiscal incentives, political instability and regional conflicts, legal restrictions on raising capital or acquiring companies outside India, and unauthorized use of our intellectual property and general economic conditions affecting our industry. Additional risks that could affect our future operating results are more fully described in our United States Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2019. These filings are available at www.sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the company's filings with the Securities and Exchange Commission and our reports to shareholders. In addition, please note that any forward-looking statements contained herein are based on assumptions that we believe to be reasonable as of the date of this press release. The company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the company unless it is required by law.
For more information contact PR_Global@Infosys.com