Two ITFA fintechs partner to digitise trade finance

Hot off the press – Finastra integrates Enigio solution to make paperless trade finance a reality

ITFA launched the DNI Initiative at our 2019 conference that took place in Budapest. Building on ITFA’s community expertise in forfaiting, we decided to bring negotiable instruments to the digital space and started to work with some fintech members and advisors to confirm our vision and to develop guidance for the market.

In April 2020, following progress on both technology and legal fronts, we released the DNI Initiative guide entitled “A manual of Digital Negotiable Instruments” which promotes adoption of the Model Law for Electronic Transferable Records (MLETR) as defined by UNCITRAL.

This week, following further progress amongst members of the DNI Initiative, Finastra announced the integration of its Fusion Trade Innovation and Enigio’s trace:original to create a solution for managing and handling digital original documents using distributed ledger technology, as defined by ITFA’s technology interoperability framework known as dDOC specifications.

André Casterman, Chair of Fintech Committee, ITFA said: “Collaboration amongst ITFA members is at the heart of our Fintech Initiatives and regulatory task force (TERA). This partnership between Finastra and Enigio is a model to follow. It responds to banks’ priorities to white-label technologies towards their own corporate & SME clients, and to shorten time to market.”

“Supporting the market through enhanced market practices on both legal, operational and technical fronts is what ITFA is all about. We are delighted to see such progress by two members of our Fintech Committee”, added Sean Edwards, Chair, ITFA.

“The open integration of Enigio’s trace:original with Fusion Trade Innovation makes it incredibly easy for banks to generate traceable documents, with the significant benefits that this brings – including increased efficiency, reduced costs and increased fraud protection,” said Iain MacLennan, VP Trade and Supply Chain Finance at Finastra. “We look forward to welcoming customers into the era of digital trade, helping to make paperless trade finance a reality.”

“Finastra is a valued partner and we’re thrilled that our trace:original documents are now available to banks using Finastra’s Fusion Trade Innovation solution through Finastra’s FusionFabric.cloud platform,” said Göran Almgren, CEO at Enigio. “The integration gives customers the ability to reduce costs and inefficiencies in their processes while minimizing risk and complying with legislation. As a result, banks can focus their time on delivering added value to clients as well as on other more strategic matters.”

Check out the full press release for more insights.