The open-source platform allows parties to send, receive and act upon trade instructions in real-time, and promises to bring down document transit time from 45 days to 20 days.
DBS Bank and commodities firm Trafigura have announced the development of the ICC TradeFlow platform for trade partners to connect globally and streamline manual paper-based trade processes to improve trade flows.
The platform's pilot trade of $20 million worth of iron ore will be shipped from Africa to China this month, a media statement said on Wednesday.
The platform, which is being developed in collaboration with Infocomm Media Development Authority (IMDA), the International Chamber of Commerce (ICC), Enterprise Singapore and tradetech Perlin, is interoperable with existing and future digital trade platforms.
Further Enhancements Expected
Following the pilot, ICC TradeFlow will see further enhancements to make the trade process more seamless, with a vision for global adoption, the statement said. These include offering trade finance on-the-go, as well as providing background information and credit ratings on trade participants, vessels and couriers to build trust among counterparties.
«Solutions like these are timely as they meet our customers' demands for increased transaction speed and optimised financing to promote better cash flow and capital management,» Tan Su Shan, DBS head of institutional banking, said about ICC Tradeflow.
