20 December 2017
As the first bank in the Nordics, Danske Bank has subscribed to essDOCS’ global platform that may help corporate customers go digital on documents related to international trade.
Corporate customers at Danske Bank will be provided with the opportunity of digitizing essential documents used in international trade.
This is due to a new subscription by Danske Bank to the global platform essDOCS, which seeks to speed up international trade by replacing old school paper-based processes with digital documents. Danske Bank is the first Nordic bank to offer this service to customers.
“We have listened to our customers. They will benefit heavily by handling digital documents instead of physical papers. Not only will it be quicker and more efficient, they also mitigate risk of an important trade document disappearing in transport to their buyer or seller,” says Erik Punt, Chief Product Manager in Trade & Supply Chain Finance at Transaction Banking, Danske Bank.
In line with digital strategy
EssDOCS is a leading global platform driving digitization of the physical papers that are required as part of international trade. Instead of issuing physical papers, Danske Bank customers and their freight forwarder and/or shipper can issue and exchange the documentation in digital format.
Customers may then share such documentation with Danske Bank’s trade finance department as part of their risk mitigation process. The initiative is in line with the bank’s strategy to help customers through digital solutions, says Søren Haugaard, Global Head of Trade, Supply Chain and Export Finance at Danske Bank.
“We are doing this in order to make our customers’ corporate day easy, which is the overall objective for our Transaction Banking business. New digital solutions play a vital role in reaching this goal,” he says.
Corporate customers will also need to sign up individually in order to use essDOCS services. However, Danske Bank will reach out to Nordic customers in collaboration with essDOCS.
The service is used by a large range of corporate customers, shippers and other parties involved in trading of goods, totaling more than 34,000 customers and the number is rapidly increasing.
Additionally, 38 global banks use the services. Besides Danske Bank, they include Bank of America Merrill Lynch, UniCredit Bank AG, HSBC and Royal Bank of Scotland.