SINGAPORE, May 8, 2019 /PRNewswire/ -- For almost two decades Chinsay has led the way in digital contract solutions and today it is announcing a major step forward for the commodities industry. Its cloud-native Intelligent Contract Platform (ICP), architected to make the best use of AI as it evolves, revolutionises the use of the latest technology, creating a totally new way to negotiate, capture and manage the full complexities of commodity contract creation and management. Working with major clients and commodities market professionals, Chinsay has developed the next-generation platform, bringing digitalisation (the process of structuring data and extracting business intelligence) to the market and moving commodities firms towards paperless trade and blockchain-based initiatives.
Colin Hayward, Chinsay CEO, says: "Much of the commodities market is still relying on manual contract creation and expensive legacy systems. This is not sustainable in today's low-margin, highly-competitive climate. ICP creates an undisputed 'Golden Copy' of the contract in the form of a digitalised contract data set. This results in immediate cost savings, increased efficiencies, improved security, along with broader risk identification, management and control. Our clients are able to identify real-time market, counterparty and organisational trends enabling behavioural analysis and visualisation across the enterprise, which is an industry first in commodities."
Hayward adds: "Chinsay has a long track record of making clients more competitive through innovation and I am very proud of what we are launching today. ICP is a significant leap forward in the digitalisation of the industry."
Chinsay's ICP enables clients to trade more, reduce risk and bring new levels of efficiency. The new platform has at its core the principle of digitalisation of all the contract and process data and is designed specifically for handling commodities. Having undergone rigorous testing and evaluation in the market the new platform provides a host of benefits and cost savings.
Integration with risk management, accounting, legal and operational functions provides seamless, fast and efficient contract creation workflow and approvals, one-time data entry and minimal legal discovery costs.
Key benefits include:
- Internal collaboration through function-specific workflows.
- Supply chain collaboration.
- Linking manual processes inside the organisation.
- Extracting and visualising business intelligence across the organisation.
- Fast and efficient contract creation process.
- One-time deal capture, resulting in one-time data entry.
- Minimal legal discovery costs.
- Creating a Golden Copy, which is the definitive, single, accurate version of a data entity.
- Integration with risk management, accounting, legal and operational functions.
- An end to manual, paper-based processes.
- Fast go-live, in as little as 2 days.
Founded in 2000, Chinsay is the leading global provider of contract automation systems for the commodities and freight markets. Its Intelligent Contract Platform (ICP) enables digitalisation of contract data sets across the supply chain. As a pure software-as-a-service platform, with the ability to support API integration, it has one of the fastest deployment times in the industry. The Intelligent Contract platform captures data during the contract creation process, providing a Golden Copy as a result of collaboration between all involved parties.
Chinsay's concept of 'one-time deal capture' enables integration with risk management, accounting, legal and operational functions. This results in cost savings, increased efficiencies, improved security and risk control. ICP provides companies with the opportunity to make informed, data-driven business decisions.
Chinsay partners with clients and other technology vendors to increase efficiency and improve security and risk controls. Through industry-leading product discovery and devops practices, Chinsay rapidly and continuously adapts its software precisely to our clients' needs. Leveraging Microsoft Azure facilities for end-to-end encryption allows us to offer the highest possible data security to our clients.
John Norris / Alla Lapidus