Enigio is proud to conclude that our solution for creating digital original documents, trace:original, that was recently endorsed by the International Trade and Forfaiting Association (ITFA), also complies with the association’s dDOC specifications. Compliance to the specifications that are vendor-agnostic is necessary, and Enigio meets the necessary technological aspects needed.
The chairman of ITFA Fintech Committee, André Casterman, has outlined the dDOC specifications which he believes to be the evolution necessary to leverage “open banking” technology applied to original documents. He encouraged companies to comply saying,
SMEs prefer to adopt technologies brought to them by their chosen bank(s). A low-hanging fruit for SME-focused originators is to digitise bills of exchange and guarantees via their proprietary e-banking portals. Any dDOC-compliant technology provider will help achieve this in a white-label way.
Principles of dDOC specifications
The specifications are built around four main technological requirements that include; the technology components, the security of digital containers using electronic signatures, DLT for the digital notary and privacy through technological integration.
Enigio’s trace:original digital documents, meet all of the above specifications. Since the dDOC specifications are part of ITFA’s Digital Negotiable Instruments Initiative (DNI), they will help digitalise assets such as bank guarantees and Bills of Exchange.
The CEO of Enigio, Göran Almgren, is confident that trace:original has the technological capacity needed to go from paper documents to digital documents where it is absolutely essential to be able to distinguish an original from a copy:
We are confident that our DLT-based trace:original solution provides the most effective upgrade path from physical documents to digital originals, as our technology not only mimics today’s physical documents but also offers the highest levels of security, integrity and traceability. Like paper, trace:original documents can be stored on any media and transmitted via any existing or future channel as the solution is open to all and doesn’t require participants to join an ecosystem or digital island.
The dDOC specifications offer a solid framework that can be used by policymakers to draft regulation for the adoption of Distributed Ledger Technology (DLT) to secure assets. ITFA and Technology Experts for Regulatory Action (TERA) are aggressively advocating for the digitisation of crucial documents such as negotiable instruments and bills of landing for the efficient flow of trade.
As the leading trade finance association, ITFA encourages regulators to open up to new technologies such as cloud computing, digital signatures and distributed ledger technology. We recently released the ITFA dDOC specifications as a vendor-agnostic framework to digitise guarantees and negotiable instruments using a mix of advanced technologies. We are working with early adopter banks and with an initial set of regulators around the world to adopt policies.
- Says Sean Edwards, Chairman of the International Trade and Forfaiting Association (ITFA).