Recently we were in Helsinki and had the opportunity to meet with banks corporates, fin-techs and tech-companies. SEB hosted an excellent event in connection to the Standardised Trust meeting where we made a walk-through of Enigio’s trace:original solution for digital documents. We were also invited to the ITFA/ Finnish Fintech Ecosystem FFE event at OP Bank to introduce the Digital Negotiable Instruments (DNI) initiative.
Digitization is high on the agenda and there are still many areas to address. However, there is no one right way to do it and therefore the solution we are providing brings new possibilities on how to progress the digitization agenda without introducing a revolution or major disruption.
The new option we are providing, trace:original, is basically a neutral and independent data container that can host any type of data, data sets or standard. This data container can move freely and seamlessly between owners, systems and platforms. The way it behaves is like a paper document, but it is 100% digital and traceable.
This solution solves many problems as there is no requirement for signing up to new rule books, or to become a member of a costly ecosystem or to buy a new type of software. Furthermore, the digitization can start immediately, one document at a time. Your counterpart does not have to do anything apart from understanding that he/she will receive a digital document.
The use cases are endless, but the solution is best used for any type of negotiable instruments or documents of title, like bills of exchange, promissory notes or bills of lading. The processing of demand guarantees is also greatly facilitated using trace:original.
We are very happy to partner with the International Trade and Forfaiting Association (ITFA) on the Digital Negotiable Instruments (DNI) initiative which aims at making it easy for anyone involved in a trade transaction to create and manage a digital freely negotiable payment undertaking thus making the whole financing process more secure, safe, seamless and liquid for all parties.
We are also keen to continue working with Standardised Trust as any type of data or data set can be inserted into the digital document (container) making it possible to instantly combine standard and digital document without having to wait for anything in terms new legislation or new ways of working. ST will provide the standard, currently working on bank guarantees, that can be inserted into our digital trace:original documents (containers) thus instantly creating a digital bank guarantee.
Anyone who wishes to get on with the digitization journey in these areas can now do so immediately with trace:original.