In a bid to streamline the creation of electronic Bills of Lading, Amsterdam Trade Bank (ATB) has signed on to use CargoDocs. CargoDocs is a trade finance tool provided by essDOCS. The product will help ATB “streamline the creation, control and transfer of transport-related title documents – including electronic bills of lading – in a secure, web-based environment”. EssDOCS further explained that “ATB will be using to collaboratively create, review and approve paper and electronic documents, while utilising the CargoDocs Document Exchange (DocEx) to electronically sign and legally transfer title documents, in turn facilitating enhanced financing services for its customers.”
ATB is the 36th bank to sign up to the system, following the likes of ABN Amro, ING, Wells Fargo, Standard Chartered, Credit Suisse, Bank of China and others. It is also the fourth Dutch bank to do so. ATB will be applying the software integration package to its Black Sea Soft Commodity financing. There are over 4,500 companies worldwide using CargoDocs. ATB focuses on international trade finance, shipping and asset financing. It has its headquarters in Amsterdam, with an asset financing company in Russia. It is part of the Alfa Group of companies and it is a subsidiary of Russia’s largest privately-owned bank, Alfa-Bank. Based on the success of the program, ATB will roll it out to other aspects of its business. It is unclear if the system will be adopted by other banks under Alfa-Bank.