ClearDox LLC Launches New Service Targeted at Accelerating The Digital Transformation of Bulk Commodity Trade Settlement

STAMFORD, Conn., April 6, 2021 /PRNewswire/ -- ClearDox LLC announced today the commercial launch of ClearDox, a proven SaaS platform that provides data management and digital transformation solutions for commodity verticals including oil and refined products, agriculture, and metals, as well as industries such as trucking, airlines, container shipping, and bunkering. Designed by commodity professionals with a deep understanding of the complex challenges of the paper-based processes that are still common in these industries, ClearDox technology helps clients authenticate, digitize, and reconcile all incoming documents and integrate that data into their existing accounting, ETRM, scheduling, and risk management systems.

The company also announced that it signed its first client: Gulf Oil. After identifying its needs in four key operational areas, Gulf is implementing the ClearDox parsing and reconciliation modules to reduce manual processing of payables and bills of lading. ClearDox and Gulf intend to continue to collaborate to implement further applications of the technology.

"Leveraging the ClearDox platform affords Gulf the ability to further improve transaction processing efficiency and scalability to facilitate growth, driving long term value to our business," stated Michael Kelliher, Vice President- Commercial Controller of Gulf Oil.

Addison Armstrong, head of sales and marketing for ClearDox, states, "We are excited to partner with a world-class energy operator and brand like Gulf, and we look forward to working together to expand the ways our digital tools can help Gulf to realize its operations strategy across its complex supply chain. By implementing ClearDox, our clients reduce costs and errors, while identifying losses, and freeing them to focus on what really matters - improving operational efficiency."

During development, ClearDox technology was applied to trading, trucking, airline, agricultural shipping, and oil terminal transactions, where it was proven to cut settlement times, reduce countless man hours, and save millions of dollars.

By delivering accurate, complete, and comprehensive data, ClearDox supports multiple use cases including invoice reconciliation, tracking of fuel deliveries and inventories, container booking management, reconciling broker confirms, and scraping data from websites for use in fundamental analysis. Cloud-based, the system requires little change to a client's established workflows or data infrastructure.

About ClearDox LLC

ClearDox LLC is the outgrowth of the development of the ClearDox technology. The system automatically ingests, reconciles, and analyzes data that originates in any format, helping enterprises to integrate a broad spectrum of siloed, paper-based, and other external data into their operational workflow. As a result, companies that implement ClearDox can outperform their peers by unlocking improvements in productivity, risk management, and growth.  The platform is the operational foundation of physical commodity trading for one of the world's largest commodity merchants, Freepoint Commodities LLC.  More information on ClearDox is available at https://cleardox.com.

Media Contact:  Paige Thornton, RF|Binder, paige.thornton@rfbinder.com

About Gulf Oil

Gulf is a Massachusetts-based company fueling consumers through approximately 1,800 Gulf branded locations across 36 states and Puerto Rico. The company also distributes unbranded products to 1,000 private label locations nationwide. More information can be found at www.gulfoil.com.  

Media Contact: Nikki Fales, Gulf Oil, media@gulfoil.com

SOURCE ClearDox LLC