Seeking Solution for Ensuring Integrity of Trade Documents and Contracts in Global Supply Chain

Legal contracts involving lawyers and bankers have been known to increase costs and slow down the process in the global supply chain. Therefore, it is important to develop solution to circumvent this issue to be more cost effective and productive.

The solution should offer:

• Identity management for banks to facilitate trade transactions to cover risk of payment or delivery default by trade counterparty
• Document and contract management related to financial, regulatory, commercial and insurance to ensure the auditability and data integrity of trade processes
• Use of new technologies — including data analytics, cloud computing, blockchain, machine learning, IoT and biometrics to possibly enhance regulatory and compliance requirements among banks, agencies and trade counterparties, and have a significant impact on efficiency and customer satisfaction