Enigio, a Stockholm-based data technology business, and Lloyds Bank have teamed up to advance the use of digital documents in trade financing. The collaboration will focus on leveraging blockchain technology to achieve optimal results.
“Enigio’s trace: original is a solution for creating and managing original digital documents, with all the useful properties of paper, but in a digital form. This means that you can maintain a completely digital process for original documents, with all the security, efficiency, and convenience of digital documents,” says Enigio.
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Additionally, the partnership will look for ways to include trace: original documents into broader trade finance products, including documentary collections and credits.
In addition to promissory notes, bills of exchange, and statements of lading, the two enterprises will expand the range of applications for Enigio’s trace: original solution.
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“We are excited to have taken another major step on our quest to digitize trade. This partnership further cements our relationship with Enigio as we continue to widen the types of documents and underlying flows that will utilize ‘trace: original’ documents. Existing industry-wide trade solutions are, comparably, much slower, more cumbersome, and more environmentally intensive than their digital counterparts, involving upwards of 28 billion pieces of paper globally every year. Digitization makes processes faster, cheaper, and more secure,” says Gwynne Master, MD, Lending and Working Capital, Lloyds Bank.