The Middle Eastern bank Emirates NBD has partnered with Enigio, the technology provider responsible for the trace:original platform, in a move towards trade digitisation.
trace:original can create and manage digital original documents while maintaining the integrity of paper.
This solution reduces counterparty risk by ensuring authenticity of trade finance documents, including bills of exchange, bills of lading, or promissory notes. In this manner, risk of fraud is mitigated.
Aneel Sabir, Director MENA at Enigio, described this collaboration as a “strategic shift” for trade finance banks in the region, who are “ready to provide their clients with fast, trustworthy, verifiable and traceable digital original trade documents.”
Digital creation and transmission also reduce processing time, thereby improving overall efficiency and cutting costs.
Anith Daniel, Group Head of Transaction Banking Services at Emirates NBD, said, “This collaboration enhances customer satisfaction by digitising trade finance documents, it also reinforces our commitment to sustainability.”
The environmental benefits of document digitisation extend further than deforestation for making paper itself. For instance, the manufacture of a single cartridge emits 4.8 kilograms of greenhouse gases into the environment; the cost of transporting paper worldwide adds emissions, too.
Daniel continued, “Our clients will benefit from faster, more secure transactions, while we contribute to a greener future.”
