essDOCS, the enabler of paperless trade, has announced that several banks have commenced testing its newly developed CargoDocs Transaction Matching Application (Cmatch).
Cmatch enables banks to continue offering two-corner Bank Payment Obligations (BPOs) – alongside digital trade instruments, such as four-corner Bank Payment Undertakings (BPUs) – by replacing SWIFT Trade Services Utility (TSU).
The initial release will ensure banks can continue offering URBPO-based trade finance solutions to their corporate customers. The solution aligns with both the ICC’s upcoming Uniform Rules for Digital Trade (URDT) and blockchain platforms.
Cmatch will be rolled out to more than 20 bank branches across four countries, commencing with MUFG and UniCredit. Testing will also involve various other European, North American, African and Middle Eastern banks.
In 2020, the solution will be extended to provide a four-corner Bank Payment Undertaking (BPU) solution, aimed to work in conjunction with the URDT, along with additional functionality to facilitate end-to-end digital trade finance processes covering application, compliance, processing (matching) and payment.
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