Misys and essDOCS launch “end-to-end” digital supply chain platform

Technology Update | 19 September 2016

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essDOCS and Misys have joined forces to integrate essDOCS’ CargoDocs electronic documents (eDocs) with Misys’ FusionBanking Trade Services platform.

The two digital solutions firms have teamed up on this venture with the aim of creating an “end-to-end financial supply chain management” solution, where “digital documents along the physical supply chain can be leveraged for use in the financial supply chain”.

The alliance does have the potential to deliver the end-to-end solution, as eDocs has become a widely used and accepted digital platform for managing and processing trade and shipping documents, while FusionBanking is a digital platform for trade, supply chain, cash, treasury and lending services.

“In today’s world of trade finance, gaining visibility of trade and shipping documents can take up to five days, and that is simply too slow. The digitisation of trade flows will benefit both corporates and banks in a big way,” said Simon Paris, Misys president.

“Automating paper-based processes saves valuable time, drives efficiency and, importantly, enables banks to make data-driven decisions, given better oversight. This allows banks to serve their corporate customers more effectively. We’re combining our expertise with essDOCS to support the digitalisation journey towards greater sustainability in trade.”

Misys and essDOCS’ partnership is the latest initiative in the fragmented digital trade finance solutions space that attempts to bring much needed universality to the sector.

However, as with every other digital innovation to enter trade finance, it will initially only be used by clients of essDOCS and Misys, with the success of the product being measured by the rate of future adoption from stakeholders in the trade space.  

“The digitisation of trade finance is an important step in bringing efficiency and automation to an industry which is crying out for an alternative to manual processing,” said Alexander Goulandris, essDOCS co-founder and CEO.

“We are the only company providing a next generation, market-ready solution for paperless trade finance. It makes sense to team up with a forward thinking software provider like Misys first to combine our strengths and to help our many joint clients to make the leap into the digital age.”

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