Intellect Design Arena partners with essDOCS for digitalisation and automation of trade finance processes

This will allow both banks and corporates to access all documents & data under any given financing instrument on a single platform.

Intellect Global Transaction Banking (iGTB), the transaction banking specialist from Intellect Design Arena Limited, ranked no. 1 in the world for transaction banking by IBS Intelligence, has recently announced its partnership with essDOCS (leading paperless global trade management company) to widen access and adoption of trade digitalisation solutions.  

Banks leveraging the new partnership between iGTB Trade Finance and essDOCS will benefit from a unique value proposition that will future-proof their business as digital transformation and pave the way for finally eliminating paper as well as age-old labour-intensive business practices. This is expected to increase revenues by 10 per cent.   

In a filing with the exchange, the company said, “Banks deploying iGTB Trade Finance, now in combination with the technology powerhouse of essDOCS used by nearly 60,000 companies in over 200 countries, will uniquely benefit from an ability to enable their corporate customers to extend their use of paperless trade, not only streamlining and automating document preparation processes but also eliminating the operational risks inherently associated with the manual processing of paper, thereby future-proofing their business.” 

By syncing with essDOCS, corporate users and iGTB bank will be able to access CargoDocs’ digital document capabilities and use the solution for trade finance transactions under letters of credit (LCs), guarantees, documentary collections, and more. This will allow both banks and corporates to access all documents & data under any given financing instrument on a single platform. 

Intellect Design Arena has a comprehensive portfolio of products across global consumer banking, central banking, risk & treasury management, global transaction banking & insurance and is engaged in the business of software development.