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Chinsay’s Intelligent Contract Platform Enables With Rio Tinto & Cargil

Mining News - Published on Wed, 19 Jun 2019

Image Source: Chinsay
Chinsay, the leading provider of contract digitalisation solutions in the commodity and freight markets, announced that the completion of the first fully digitalised iron ore trade, through a trial achieved in partnership with Rio Tinto and Cargill’s Metals business on Chinsay’s Intelligent Contract Platform. In using ICP, Rio Tinto and Cargill collaborated on a single platform to dramatically reduce the time it takes to create, issue and approve commodity contracts from several days to under 2 hours. The digitalisation of this fundamental trade process creates the opportunity to automate and deliver post-trade efficiencies by linking front-, middle and back-office functions.

Mr Colin Hayward, Chinsay CEO, said that “This is a technological milestone for the industry, and we are delighted Rio Tinto and Cargill Metals chose to partner with us and use our ICP as the core technology to create this advance. We are constantly collaborating with clients, market participants, tech vendors and industry consortia to extend digitalisation further along the commodity trade lifecycle.”

Mr Lee Kirk, Managing Director for Cargill’s Metals business, said that “The Intelligent Contract Platform is a great tool that has the potential to benefit the entire ferrous industry. This is a great example of how we can leverage advancements in technology to benefit from increased speed, transparency and efficiencies that enable us to serve our customers and suppliers better.”

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Posted By : Sanju Moirangthem on Wed, 19 Jun 2019
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