ELCY and essDOCS announce enhanced LC data integration

ELCY and essDOCS announce enhanced LC data integration

London, UK & Swieqi, Malta – 16 June 2020: In line with their partnership and continued collaboration, ELCY, the leading e-commerce solutions provider for the international trade finance marketplace, and essDOCS, the leading enabler of paperless trade, announced today a major enhancement to Letter of Credit (LC) data integration between ELCYmbp and CargoDocs.

The new, improved data integration reflects the close working relationship between ELCY and essDOCS and their stated aim to jointly enable a complete end-to-end transactional service for the trade finance operations of leading international corporate clients.

The enhanced integration enables data to be extracted from all incoming MT7xx series LC and amendment formats handled by ELCY, including SCORE type messaging, and creates structured data for key SWIFT fields. The LC data then flows seamlessly into CargoDocs to auto-populate relevant document fields – automating document selection and data entry, minimizing errors and significantly accelerating the trade execution process.

ELCY and essDOCS continue to seek ways to bring added value to the trade finance industry, with work underway to soon allow mutual clients to benefit from single sign-on, further improving ease of access across the two solutions.

Dean Jameson, Global Marketing Director, ELCY, said: “We are very excited to complete this integration with essDOCS, who provide the premier solution in digital trade documents. Corporates will now be able to speed up the document creation process based on accurate data extracted from the LC.”

Alexander Goulandris, Co-CEO, essDOCS, said: “The combination of ELCYmbp and CargoDocs crucially provides multinational companies with a complete solution to digitally manage their letters of credit, standby L/Cs, guarantees and export documentation.”

About ELCY

ELCY‘s core product is ELCYmbp, a multi-bank portal, enabling corporates to communicate in a secure and authenticated manner with all their international trade finance bank and to centrally monitor global trade finance exposure to their banks and counterparts in real time.  ELCYmbp  functionality covers all trade finance instruments including Import and Export documentary LCs, Standby LCs, guarantees and collections. Users are able to manage and report on counterparty risk including the management of Bank Limits via the ELCY Global Limit system. Integration options are available for exchanging data between ELCYmbp and clients back office / trading systems.

ELCYmbp is processing in excess of $150bn of trade finance transactions annually and handling over 100,000 trade finance messages.

For more information, please contact helpdesk@elcy.com

About essDOCS

essDOCS enables paperless trade. Its solutions digitize and automate paper-heavy processes, including: online creation/approval/management of all export documents (CargoDocs DocHub), data extraction and structure from paper documents and back-office automated checks (CargoDocs Auto-Document Processing), end-to-end eDocs management for original electronic trade documents such as Bills of Lading and Warehouse Warrants (CargoDocs DocEx), application/issuance of electronic Certificates of Origin (essCert) and fully digital trade instruments under URBPO (Cmatch).

Over 50,000 companies, ranging from 31% of the Fortune Global 100 to innovative SMEs, use essDOCS solutions across 203 countries.

For more information, please contact: adopt@essdocs.com

Media Contacts

ELCY
Dean Jameson, Global Marketing Director, ELCY
dean.jameson@elcy.com
+44 7970 896645

essDOCS
Nicholas Demetriou, CMO, essDOCS
nicholas.demetriou@essdocs.com
+30 210 724 5960