Agribusiness and food company Bunge has signed up to rollout CargoDocs globally across its grain and oilseed trade routes. The contract follows a series of simulated and live electronic bill of lading trials by Bunge on grain shipments from Brazil, Argentina and the US to Spain, Italy and Vietnam in 2014.

 

CargoDocs forms part of Bunge’s holistic approach to automating its trade execution and finance processes. The total solution covers:

•             eDocs prepared online at various Bunge origins

•             Letters of credit and guarantees being managed electronically, including use of MT798, between Bunge and its multiple banks

•             Documents being electronically signed and managed through the supply chain in CargoDocs

The rollout was kicked off at an offsite in Miami in January 2015, with Bunge Trade Execution leads from all over the globe.

 

Bunge has already commenced notifying its key trade partners, banks and carriers of its intention to move to CargoDocs.  eDocs will be used for open account transactions, as well as trades under eDocumentary collections and eUCP letters of credit.

 

Vincent Minna, director of finance and trade execution, Bunge S.A., said: “We have selected CargoDocs as one of our best-of-breed applications which will enable Bunge Trade Execution and Finance departments globally to move towards paperless trade. Most industries have been waiting for eDocs for many decades, and CargoDocs has decidedly demonstrated to Bunge that they have a global solution which delivers on all the promise.”

 

Alexander Goulandris, CEO essDOCS, said: “We are delighted that the acceptance of eDocs in the agri market continues to grow, slowly but surely. This decision by Bunge to embrace CargoDocs is another key step towards the acceleration and automation of documentation processes in the soft commodity market.”

 

Bunge is the second of the major agri houses to adopt CargoDocs for a global rollout.