A glimpse of the future
While technology spawns innovations in other industries, bulk international shipping lags in the paper era. The agri post-trade execution process is both labor-intensive and error-prone. Isn’t it time to give our industry a digital upgrade?
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Overview of scope
Moving our industry into a higher level of performance starts with digitalizing our core processes: vessel nominations & string management, documentary instructions, appointment of third-party providers, drafts management, documents issuance and documents presentation. Additionally, Covantis digitalizes the B2B communication that currently is taking place through phone and emails.
Our long-term objective is to digitalize the entire execution process for international agri bulk commodities, from trade confirmation, contract management, appointment of third-party providers, generating drafts and final documents up to vessel finalization.
Where we’ve started
We adopt an origin market based approach for development and implementation of Covantis. The first origin market was Brazil. The first execution flows captured in Covantis were for bulk shipments of soybeans and corn from any port in Brazil to any destination in the world. In February 2022 Covantis added flows originated in the USA and Canada for many more grains and oilseeds.
These global flows bring inefficiency and errors to the active market participants because of their complexity—precisely what any international commodities business seeks to execute without a hitch.
In the future, we will continue to add other origins and commodities to our roadmap. Stay tuned on the next origination markets and progress via our regular status updates.
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