Chinsay, a provider of contract digitalization solutions in the commodity and freight markets, recently announced completion of what it claims is the first fully digitalized iron ore trade, through a trial achieved in partnership with Rio Tinto and Cargill’s Metals business on Chinsay’s Intelligent Contract Platform (ICP).
Rio Tinto and Cargill collaborated on the ICP platform to reduce the time required to create, issue and approve commodity contracts from several days to under two hours. According to Chinsay, digitalization of this fundamental trade process creates the opportunity to automate and deliver post-trade efficiencies by linking front-, middle- and back-office functions.