Danske Bank digitises international trade with essDOCS
With essDOCS, the process of international trade can be “sped up”, the bank says, by replacing the old paper-based processes and enable its customers and their freight forwarder and/or shipper issue and exchange documentation in a digital format.
Erik Punt, chief product manager in trade and supply chain finance at transaction banking, Danske Bank says customers “will benefit heavily by handling digital documents instead of physical papers. Not only will it be quicker and more efficient, they also mitigate risk of an important trade document disappearing in transport to their buyer or seller.”
Corporate customers will need to sign up individually to use the essDOCS services. However, Danske Bank says it will reach out to its Nordic customers in collaboration with essDOCS.
Earlier in the year, Amsterdam Trade Bank (ATB) signed for CargoDocs DocPrep+ from essDOCS. The vendor says it will help ATB “streamline the creation, control and transfer of transport-related title documents – including electronic bills of lading – in a secure, web-based environment”.
According to essDOCS, its services are used by 38 banks including Bank of America Merrill Lynch, UniCredit Bank AG, HSBC and Royal Bank of Scotland (RBS).