Denmark-based Danske Bank has subscribed to essDOCS’ CargoDocs ePresentation to enable its corporate customers use electronic presentation under eUCP Letters of Credit and eDocumentary Collections.
The bank will use the essDOCS solution to manage transactions through the electronic exchange and presentation of eDocs instead of paper documents. The solution will also facilitate handling and controlled transfer of title.
Making use of CargoDocs is part of the bank’s wider plan to adopt digital innovation and increase operational efficiency.
The bank’s rationale behind digitising trade documentation is to improve the speed and accuracy of transactions, as well as mitigate risk and boost compliance. Danske Bank is the first Nordic bank to use the solution.