Surecomp Embraces the G7 Pledge to Facilitate Trade Digitization
- Trading Systems
- 03.06.2021 11:35 am
Surecomp® today announced that it embraces and is fully equipped to support the G7 move that will allow companies to electronically transfer trade documents for improved efficiency and cost savings.
The recent pledge from the G7 technology ministers - which has been welcomed by the ICC and further backed by the UK’s Law Commission who is now also legislating to allow for digital trade documents - has put trade digitization firmly at the top of the post-pandemic recovery agenda. Surecomp reinforces the view that this milestone is a pivotal turning point in helping remove the trade inertia associated with paper-based document transfer.
Surecomp is able to provide banks across the G7 and beyond with a fully digital front-office solution that allows their corporate customers to use true electronic documents of title as soon as national legislation is enacted. Using an electronic bill of lading enables all participants to conduct end-to-end digital trade finance based on the traditional letter of credit, merging the trust in the crisis-proven letter of credit with the benefits of an electronic transaction in terms of speed, security and convenience. In supporting electronic title documents, Surecomp’s front-office solution is able to provide sufficient time for banks and corporates to be prepared by the time legislation is in force.
“This is not only a momentous step in the evolution of trade digitization, but a fundamental one to the recovery and growth of global trade as a whole,” reiterates Alexander Goulandris, co-CEO and CRO of essDOCS and co-chair of the ICC’s digitization working group. “The increased interoperability facilitated by partnerships between technology providers such as Surecomp and essDOCS, will result in notable cost and efficiency benefits, which will in turn lead to unprecedented trade collaboration, inclusion and economic growth.”
“By continuing to invest in digital solution innovation, Surecomp is wholly dedicated to setting the new global standard in trade finance digitization,” states Enno-Burghard Weitzel, Surecomp’s SVP of Strategy, Digitization and Business Development. “Thanks to the ICC and the G7, we are on the cusp of true digital trade transformation and Surecomp is providing an integrated solution to our customers ahead of time.”