Paperless trade solutions provider essDOCS has entered into an agreement to integrate its CargoDocs Doc Ex solution into the blockchain-based Voltron application. Voltron, which is developed on R3's Corda platform, provides a multi-bank channel for companies to digitally manage the issuance of letters of credit (L/Cs) and electronic presentation of trade documents, including title documents such as bills of lading (B/Ls).

Consolidated L/C documentsThe CargoDocs-Voltron integration will allow banks and corporates to access all data and documents under L/Cs consolidated within the Voltron application.

According to essDOCS, the combination critically provides Voltron member banks with a direct connection to its CargoDocs DocEx user network of over 6,000 exporters, traders, importers, ship owners, shipping agents and independent inspectors.

essDOCS says the new solution enables companies or banks to access numerous inter-related solutions in their platform of choice.

Blockchain L/C milestoneGlobal head, of documentary trade product management at Standard Chartered Bank, Samuel Mathew, says the essDOCS integration marks another milestone for Voltron and the overall trade digitisation journey.

"This takes us one step closer to a common blockchain-based L/C platform integrated with electronic B/L capabilities and connectivity across banks, corporate and third-party providers," he says.

Seamless L/C flow

"It will also allow new participants in the Voltron network to integrate seamlessly and efficiently with multiple parties in the L/C flow, thereby enabling digitisation of their trade flows and real-time visibility of status," he concludes.

Standard Chartered Bank is one of Voltron's founding member banks, alongside Bangkok Bank, BNP Paribas, CTBC Holding, HSBC, ING, NatWest and SEB.

This article represents the views of the author and not necessarily those of the ICC or Coastline Solutions.