Chinsay enables Rio Tinto & Cargill to complete first fully digitalised iron ore trade with ICP
Chinsay has processed the first fully digitalised iron ore trade, through a trial in partnership with Rio Tinto and Cargill’s Metals business on Chinsay’s Intelligent Contract Platform (ICP).
Chinsay, a leading provider of contract digitalisation solutions in the commodity and freight markets, developed ICP as a single platform to dramatically reduce the time it takes to create, issue and approve commodity contracts from several days to under two hours.
The digitalisation of this fundamental trade process creates the opportunity to automate and deliver post-trade efficiencies by linking front, middle and back-office functions.
Colin Hayward, Chinsay CEO, commented: “This is a technological milestone for the industry, and we are delighted Rio Tinto and Cargill Metals chose to partner with us and use our ICP as the core technology to create this advance. We are constantly collaborating with clients, market participants, tech vendors and industry consortia to extend digitalisation further along the commodity trade lifecycle.
“The Intelligent Contract Platform is a great tool that has the potential to benefit the entire ferrous industry,” added Lee Kirk, Managing Director for Cargill’s Metals business.
“This is a great example of how we can leverage advancements in technology to benefit from increased speed, transparency and efficiencies that enable us to serve our customers and suppliers better.”
ICP is state-of-the-art technology which allows companies to digitalise pre-trade processes early in the deal lifecycle, creating an agreed contract dataset that can be seamlessly integrated with other operational systems, functions and processes, enabling transparency and traceability across the supply chain.
ICP prepares clients for the use of technologies such as blockchain, ML, AI and electronic trade documentation solutions.
Founded in 2000, Chinsay’s ICP offers a pure software-as-a-service platform, with the ability to support API integration, with one of the fastest deployment times in the industry. The Intelligent Contract platform captures data during the contract creation process, providing a Golden Copy as a result of collaboration between all involved parties.
Chinsay's concept of ‘one-time deal capture’ enables integration with risk management, accounting, legal and operational functions. This results in cost savings, increased efficiencies, improved security and risk control. ICP provides companies with the opportunity to make informed, data-driven business decisions.
Chinsay partners with clients and other technology vendors to increase efficiency and improve security and risk controls. Through industry-leading product discovery and devops practices, Chinsay is continuously adapts its software to meet clients’ needs. Leveraging Microsoft Azure facilities for end-to-end encryption offers the highest possible data security.