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essDOCS working with SWIFT

essDOCS, which provides electronic documents for cargo movements, today announced two new services: allowing the electronic presentation of trade documents over the SWIFT network, and extending electronic bills of lading (eB/L) to support Bank Payment Obligations (BPO).

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Shipping documents created in essDOCS’ CargoDocs can now be submitted to banks over the SWIFT network under an eUCP 600 documentary credit. This covers electronic bills of lading, commercial documents, independent inspectors’ certificates, government certificates and chamber of commerce signed certificates of origin.

CargoDocs eB/L can be tied to the Bank Payment Obligation (BPO) transactions operated on SWIFT’s Trade Services Utility (TSU) transaction matching application. Banks will be able to submit original data from the eB/L and supporting documents as trade data, to be matched against the BPO payment conditions as well as automate the release of original documents to the buyer on a BPO match.

“Every decade, the data volume in our clients' value chains multiplies by a factor of 1,000,” said Markus Wohlgeschaffen, global head of Trade Finance & Services at HypoVereinsbank/UniCredit Group.

“One of the main reasons for this is the implementation of straight-through processing wherever possible to speed up processes and to reduce operational risks. To provide real value-add for our clients, the collaboration with essDOCS is an integral part of the straight-through process both for the traditional and the innovative trade business.”

Andre Casterman, global head Corporate and Supply Chain Markets at SWIFT and co-chair of the BPO project at the International Chamber of Commerce, said: “By combining essDOCS CargoDocs with the BPO, banks will appreciate the ability to rely on authenticated electronic transport data for matching in the SWIFT TSU, whereas buyers will benefit from faster delivery of transport documents.”

essDOCS CEO Alexander Goulandris said: “We see SWIFT as the multi-bank channel and the only economically viable channel to reach all 1,000 banks involved in trade finance globally.  As the interest and use of eUCP Presentation and BPO increases, the SWIFT network is a crucial tool in delivering electronic bills of lading to banks across the globe.”  

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