Finastra partners with CargoX to expand digital trade documentation capabilities

Finastra has announced a partnership with CargoX to add electronic trade document (eTD) capabilities to its Trade Innovation platform. The aim of the partnership, according to the company’s press release, is to support wider use of digital documents in trade finance.

The integration connects CargoX’s document transfer platform with Finastra’s Trade Innovation solution through Trade Innovation Nexus, its API layer. This allows banks and corporates to exchange trade documents electronically within one system. The solution supports more than 65 types of trade documents.

The partnership will focus on creating and transferring documents digitally from the start of a transaction, which will reduce the need for paper documents. The companies claim that this can help speed up processing and reduce risks such as document loss, delays, and fraud.

The cloud-based platform includes encryption and audit trail features, which are intended to allow users to track documents and keep records of transactions.

Peter Kern, VP Commercial at CargoX, said, “We are establishing electronic trade documents as a reliable foundation for international trade, bringing trust and scalability to the way global commerce operates.”

Anastasia McAlpine, Head of Product Management, Trade and Supply Chain Finance at Finastra, added, “Our collaboration with CargoX reflects Finastra’s commitment to driving innovation and interoperability in trade finance. Together, we’re enabling financial institutions to digitise at source, streamline operations, and unlock new value for their clients, especially SMEs.”

The announcement comes as the industry continues to move towards digital trade documents. The Digital Container Shipping Association (DCSA) has set a target for all bills of lading to be electronic by 2030.