More than 90% cost savings could be possible from using distributed ledger technology to handle authoritative digital original documents
Today, Enigio has announced the integration of Enigio’s trace:original and Finastra’s Fusion Trade Innovation to create a solution for managing and handling digital original documents using distributed ledger technology – removing the need for a central registry or document repository.
Analysis by both Enigio and Finastra has found that this integration could potentially offer an 82% reduction in tasks requiring manual intervention, saving up to an estimated 91% in processing and management costs and can cut processing time for a single document from 14 days to a few hours.
The integration gives customers the ability to reduce costs and inefficiencies in their processes while minimising 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,
- Said Göran Almgren, CEO at Enigio. He further said,
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.
Legacy processes and the need to physically secure important documents are onerous and costly for banks and require complex controls to be put in place to mitigate risk. The integration of Enigio trace:original and Fusion Trade Innovation, through Finastra’s FusionFabric.cloud open developer platform, unlocks all the benefits of digitalisation, from straight-through processing and machine readability to faster turnaround times and shorter servicing lead times.
Enigio trace:original uses distributed ledger technology (DLT) to create an authoritative digital original document whose legal rights are held by its owner. Unlike in most DLT applications, the digital data asset is represented by a file, with a cryptographic audit trail rather than business data stored in the blockchain. Because it has attributes similar to paper, a trace:original document is designed to be a legal equivalent to paper documents for many physical negotiable instruments and documents of title, for example: trade guarantees, promissory notes and bills of exchange. A trace:original document is uniquely identifiable, can be distinguished from copies and has a digitally verifiable owner. As an enhanced PDF document, it is easy to handle, and also easy to transfer across different digital systems. Documents are freely verifiable, immutable and have a secure audit trail provided by a digital public notary service.
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. He added,
We look forward to welcoming customers into the era of digital trade, helping to make paperless trade finance a reality.
trace:original eliminates the risks associated with paper documents and provides powerful fraud security. Furthermore, by removing the need to manage ‘double data’ – a paper original and its digital copy – it further reduces operational risks. Digital documents are easily accessible for review, verification and compliance scanning. Moreover, it has a much wider application than trade. The Service Provider Interface (SPI) has been designed so that the solution can be integrated with other Finastra and Corporate Banking solutions in future.
Find the app on the FusionStore here.
Enigio is an innovation company founded in Stockholm in 2012 and consists of an experienced team of businesspeople, senior developers, and researchers. The team has long history in financial services as well as in archival science, cryptography, and technology. Enigio is passionate about offering innovative solutions to ensure consistency, integrity, and traceability of digital information in space and time making data available only to those who should have access to it and protecting it from manipulation. The solutions offered by Enigio create independent proof that cannot be manipulated, shows what happened, when and in what order. trace:original, Enigio’s core offering, is the digital paper that was designed to enable the digitisation of the most complex and valuable documents such as negotiable instruments and documents of title.
Finastra is building an open platform that accelerates collaboration and innovation in financial services, creating better experiences for people, businesses and communities. Supported by the broadest and deepest portfolio of financial services software, Finastra delivers this vitally important technology to financial institutions of all sizes across the globe, including 90 of the world’s top 100 banks. Our open architecture approach brings together a number of partners and innovators. Together we are leading the way in which applications are written, deployed and consumed in financial services to evolve with the changing needs of customers.