24.05.2016 10:25 am
CargoDocs is a web- based trade finance solution offered by essDOCS. It automates the entire supply chain and connects all the parties involved in the business - Ship Owner/Agent, Shipper/Freight Forwarder, Negotiating Bank, Issuing Bank, End Receiver/Buyer.
The whole workflow of the solution replicates the normal paper– based process, but with one key difference - it’s completely digital.
Processes that usually take several weeks or more are becoming much faster with CargoDocs.
It’s important to note that all the parties have to sign essDOCS legal agreement before using CargoDocs.
This facilitates the creation and transactionoftitle documents such as electronic Bills of Lading and supporting trade documentation that can be sent back and forth from one party to another for filling out, review, approval, transfer of title and other key actions.
In addition, CargoDocs has a very simple and user friendly interface that takes shape and form depending on the role of the person who logged in, i.e. whether you are a bank user, shipper/trader user, importer, carrier and so forth.
Therefore, regardless of the role that you play in the process you can create, exchange and transact many electronic document types required to execute global trade and trade finance,as well as distribute the files among the parties for collaborative drafting and review of documents, upload PDFs and make print outs.
The document processing feature that is available for all users is the ability to print out the copies, but not the original version of the document (except for the official Customs Declaration).
Banks have the prerogative to see, review and sign all types of documents.
Users of CargoDocs can enjoy the full convenience of Cloud solutions without worrying about data storage and security, fully backed by the required legal framework to execute and transact documentation electronically.
All the documents are stored in the database for 12 years. A variety of security features includes but not limited to anti-virus, managed firewalls, multi-tiered application environment, secure VPN, network and host based intrusion detection.
The exchange of the documents is secured by dual factor authentication. When the document gets sent from one party to another, let’s say from Ship Owner to Shipper, the document gets signed electronically and is supported by user identity and company name. Then the user is required to re-authenticate with his/her user ID & password. After the user’s authority to complete this action has been verified, all the documents are copied to the Filed Folder.
It is worth noting that CargoDocs is also compliant with eUCP guidelines in terms of bank cooperation.
CargoDocs imitates the traditional paper – based trade finance process in a digital manner. The solution provides a good example of how digitization facilitates compliance procedures, saves time and increases overall security. So far, CargoDocs has been selected by over 3,700 customers across 72 countries and its network is growing every day.
Request a live one-on-one demo to experience CargoDocs first hand!