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.

For generations, the business of trade and trade finance has been notoriously reliant on labour intensive paper-based processes, particularly with respect to crucial title documents such as bills of lading, warehouse warrants, bills of exchange and promissory notes. It is now increasingly clear that trade stakeholders require data to be made available by digital means, in a connected, secure online environment with real-time access to information.

Removing paper pain points in trade significantly reduces delays from document discrepancies, the most common cause, as well as supporting the increased availability of structured data for business intelligence purposes. Global trade banks could increase revenue by approximately 10% by adopting an integrated digital solution incorporating intelligent automation and collaborative digitalisation.