The International Trade and Forfaiting Association (ITFA) is set to digitise negotiable instruments by combinedly using electronic signatures and distributed ledger technology (DLT). Enigio is proud to support this initiative as we developed trace:original based on DLT which effectively upgrades physical paper originals to digital originals.
Commenting on the ITFA's initiative, Göran Almgren, Enigio's CEO said,
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 document flows but also offers the highest levels of security, integrity and traceability.
Mission of the ITFA DNI initiative
According to André Casterman, Chair, ITFA Fintech Committee, the goal of the ITFA's DNI initiative is to entirely digitise bills of exchange (B/E) and promissory notes (PN) using advanced document technology (trace:original by Enigio) as well as developing the appropriate contractual schemes.
The path is not smooth!
ITFA faces some legal obstacles as the law is not technical. However, to get rid of this, ITFA reached out to UK Government to request a change in the law. To achieve this, they are working hard with the Law Commission and ICC UK. In his Linkedin article, André went on to state that,
As a practical, but hopefully only interim, solution we have therefore, working with our legal advisers, Sullivan, created digital equivalents of the Bill of Exchange and Promissory Note that operate as a functional equivalent of the same instruments under the English Bills of Exchange Act 1882.
To learn more about the ITFA DNI initiative, please download the manual below.