Misys and essDOCS accelerate unique partnership in paperless trade

The partnership will see essDOCS’ CargoDocs electronic documents (eDocs) capabilities integrate natively with Misys FusionBanking Trade Services solutions. Digitised documents along the physical supply chain can now be leveraged for use in the financial supply chain, creating new trigger points for working capital finance while reducing cost and operational risk for banks and corporate customers.

Additionally, trade ?nance generates roughly USD 23 billion of direct banking revenues worldwide, according to a recent report, but it suffers from extensive frictions – with about 50% of banks’ cost for a letter of credit arising from manual document handling and checking, which creates delays, errors and expenses.

The partnership strengthens the Misys and essDOCS offerings and will deliver a one-stop shop for banks, reducing interface and maintenance costs. It will also provide a single solution for corporate clients and supply chain participants to link eDocs to transactions and allow all parties to see and manage documentation and track goods along the physical supply chain. Banks will benefit from additional transparency.

CargoDocs is a digital trade platform which enables companies to manage trade and shipping documentation required for exports, imports and trade finance paperlessly. FusionBanking Trade Services provides a front-to-back platform for trade and working capital services through FusionBanking Corporate Channels – a unified digital platform for trade, supply chain, cash, treasury and lending services – integrated with FusionBanking Trade Innovation.

This relationship further bolsters the Misys partner ecosystem, which helps to drive a one-stop shop for trade finance and supply chain finance solutions. Other key partnerships include Fircosoft, the risk and compliance brand of Accuity, and HiTec Labs.