Title documents, such as the bill of lading, warehouse receipt and bill of exchange, are a critical component of international trade processes. As evidence of title and as negotiable documents, they provide the means by which companies can control and transfer rights and obligations related to the underlying goods.
Compared to other trade documents, title documents require extra care to ensure that they are original, are delivered promptly to the right party, cannot be forged, and cannot be double traded. e-title™ is an innovative solution that meets the exacting requirements of title documents with a peer-to-peer approach. The peer-to-peer approach allows seamless integration of title services into existing supply and financial supply chain applications, thus enabling a fully electronic trade documentation capability.
By filling this gap, e-title™ brings direct, measurable benefits to all parties in the trade chain.
Paper bills of lading and other title documents are expensive to manage and transfer. Each document must be printed, couriered, received and reviewed by hand. By removing the need for paper, e-title™ can drive down transaction costs for all parties in a trade chain.
Original title documents must be moved by hand. The transfer time – especially if amendments are required – mean delays in payment for the exporter and in release of cargo for the importer. e-title™ enables instantaneous transfer of title documents, enabling faster payment and reducing the risk of cargo release and demurrage charges.
Paper documents and processes that rely on paper documents are prone to fraud. Documents can be forged, cargo can be improperly released, data can be altered – all of which increases risks for carriers, forwarders and banks. While no system is foolproof, e-title™ improves risk management substantially by providing significantly greater security than paper documents.
Paper title documents are expensive to administer because they are easily lost and have to be arcthived securely to meet local legal requirements, often for 7 years or more. By combining an electronic environment with the highest levels of security, e-title™ removes the paper administration burden.