Cotecna, international trade inspection, security and certification companies, has unveiled its innovative E-dox solution only a matter of weeks after the United Nations’ official endorsement of the latest version of Uniformed Customs and Practice for Documentary Credits (UCP 600). This follows the growing demand from global traders for a secure, fast and fully eUCP compliant electronic solution to speed up trade transactions.
Large volumes of sensitive trade paperwork traveling physically by land, sea and air, open tobreaches of security and sometimes never reaching their intended destination are issues that have long been a problem for major trading houses, but Cotecnas E-dox system negates all of these pitfalls, and the costs that they incur, by enabling almost instantaneous and highly secure electronic movement of paper records and certificates between users.
E-dox is free of charge and is entirely eUCP600 compliant, enabling documents to remain as the unique UCP original even if retransmitted – a process which saves time and money when documents are lost or stolen and might previously have had to be resent by hand.
Readily available information irrespective of time zones is crucial. Time is money and lectronic transmission of documents enables traders and bankers to substantially improve the documentary process, says Vincent Minna, director of finance and trade execution at Bunge SA. We dont have to wait for paper documents to arrive, payments can be made more rapidly, and systems like E-dox significantly reduce the risk of documents being lost, stolen or forged.
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