ICE Launches ICE Digital Trade Documents to Digitize Paper-Based Post-Trade and Shipping Processes for the Energy Industry
LONDON–(BUSINESS WIRE)–Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of data, technology, and market infrastructure, today announced the launch of ICE Digital Trade Documents (ICE DTD) for the energy industry, a highly configurable solution digitizing post-trade and shipping processes for physically delivered commodities including oil, gas and petrochemicals. The launch follows a series of successful trials conducted for shipments of refined products within Asia Pacific.
ICE DTD offers terminal and refinery operators in the energy industry a way to digitize the communication and documentation transmitted between stakeholders at the point of delivery or receipt of the cargo. It can be easily configured and adopted, enabling operators to manage and visualize all communication between vessels and terminals, as well as assist with managing loading and discharge instructions, ship to shore safety documentation, and generating shipping and trade documentation.
“ICE was founded with a mission to transform analog industries through digitizing processes,” said David Farrell, Chief Operating Officer of ICE Futures U.S. “For our terminal and refinery customers, every minute spent in the process of ships arriving and leaving terminals is valuable. ICE DTD digitizes complex, fragmented, and paper-based processes, offering the energy industry the potential to save hours per shipment, and in doing so save time and cost.”
By digitizing these processes, ICE DTD brings increased transparency and collaboration across the many different participants involved in the physical delivery of commodities. It helps shippers and operators avoid what can become costly errors and delays, as well as achieve substantial time savings per shipment, and help maximize the amount of goods that can be delivered at the terminal.
Terminal and refinery operators can quickly automate workflows to their specific requirements, with ICE offering self-administration and configuration, combined with open APIs to enable operators to define, implement, and adjust their workflows directly themselves.
About Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500 company that designs, builds and operates digital networks to connect people to opportunity. We provide financial technology and data services across major asset classes that offer our customers access to mission-critical workflow tools that increase transparency and operational efficiencies. We operate exchanges, including the New York Stock Exchange, and clearing houses that help people invest, raise capital and manage risk across multiple asset classes. Our comprehensive fixed income data services and execution capabilities provide information, analytics and platforms that help our customers capitalize on opportunities and operate more efficiently. At ICE Mortgage Technology, we are transforming and digitizing the U.S. residential mortgage process, from consumer engagement through loan registration. Together, we transform, streamline and automate industries to connect our customers to opportunity.
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Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 — Statements in this press release regarding ICE’s business that are not historical facts are “forward-looking statements” that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE’s Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE’s Annual Report on Form 10-K for the year ended December 31, 2021, as filed with the SEC on February 3, 2022.
Source: Intercontinental Exchange
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