Stockholm, Sweden, May 31, 2023 - Enigio AB today announced that the first digital end-to-end trade document transaction was completed using its solution for digital original documents - trace:original. The goods shipped were paper products from Antwerp, Belgium to Delhi, India.
The transaction included multiple parties and types of documents that all worked seamlessly together. The freight forwarder Fr. Meyer’s Sohn organized the transportation and subsequent issued the electronic bills of lading, the global trader Th Brunius & Co AB adding trade documents including invoice, packing list, insurance policy and certificate of origin. The documents were received digitally by the importer as well as Fr. Meyer's Sohn in India who released the goods.
This transaction was based on commercial law pending the Electronic Trade Documents Act coming into force.
The trade document transaction provided the targeted proof-points and business benefit realisation, which were set-out to be measured, including but not limited to:
- document transaction time was reduced to 1 working day instead of previously 9 days,
- ensuring that the original documents were in place prior to the vessel’s arrival,
- reduced courier costs,
- increased security with limited fraud risk, and
- obviously more sustainable, no production or transport of paper documents.
“The world of logistics gets more and more complex and mission-critical. Efficient and structured collaboration between all involved parties on the basis of up-to-date information and documents at all times is a core issue for us - not just since the pandemic. We constantly strive for increasing and optimizing the performance and thus the value of our customers' supply chains. Therefore, we are very pleased that we were able to successfully complete this pilot with our partners Th Brunius and Enigio on this important path,“ says Heiko Voigt, Chief Executive Officer, Fr. Meyer’s Sohn
“Th Brunius always strives to improve our processes and to enhance details in our business. We believe that digital trade documents can be a new, exciting part of international transactions. After evaluation we found trace:original to be easy to onboard, efficient, and flexible for our customers. Perhaps most important trace:original met our standards on safe handling, limiting payment risk,” says Kristina Hansson, Chief Financial Officer, Th Brunius & Co AB.
“At Enigio we are very pleased to have concluded this transaction and to have demonstrated that our strategy to digitally mimic the existing paper processes works efficiently. We believe in a solution that is easy to implement, can be used by all parties in trade without extensive onboarding nor a cumbersome IT-project,” says Ulf Eggefors, Enigio’s Head of Transport & Logistics.
About Fr. Meyer’s Sohn
Fr. Meyer’s Sohn (FMS) is a familyowned global forwarding company. We are one of the 10 largest sea freight forwarding companies worldwide. Tailored customer solutions across all modes of transport are also part of our product portfolio, as is the optimization of supply chains. With our market leading digital technologies we increase the value of our customers supply chains in the long term. More than 1.000 transport and logistics specialists in over 25 countries care about our customers‘ concerns.
About Th Brunius & Co AB
We are a trading partner for paper and board with over 110 years of experience. We have a strong knowledge and understanding of the production processes of both suppliers and customers. Our suppliers and customers are located on several continents, all with different needs and requirements. In this environment it is crucial for us to deliver the best service possible.
About Enigio AB
Enigio is a tech company offering solutions to ensure consistency, integrity, traceability, and possession of digital information making data available only to those who should have access to it while protecting it from manipulation. Freely transferable digital original documents are at the core of what Enigio does and the trace:original solution can be used for multiple types of commercial documents required in global trade.
