Startups
Based in Singapore, founded this year by a team of IT and intelligence experts, OTDocs is the first application to use an ultra secure technology (custom blockchain) to identify, store and verify entities, documents and transactions.
Without disturbing existing procedures, it reinforces those transaction’s weak points to prevent the schemes that can cost billions to a country’s economy.
In international trade finance, paper-based documents exchange, often in triplicate, create confusion and delays, opening the door to forgery and fraud.
Trade finance is the channel of choice for moving illicit money out of developing countries. In 2014, over two thirds of the $950bn illegal outflows used trade finance.
Banks, despite spending more on internal controls and compliance, are also losing money through higher fraud incidents, and regulatory fines.
Several solutions already exist to bring trade finance transaction online, but removing duplicates while creating a solid audit trail are challenges yet to be overcome.
OTDocs, developed with the support of two leading international bank. focuses on optimizing workflow, to consolidate international trade finance transactions and lead to a better, smarter fraud prevention.
Without disturbing existing procedures, it reinforces those transaction’s weak points to prevent the schemes that can cost billions to a country’s economy.
In international trade finance, paper-based documents exchange, often in triplicate, create confusion and delays, opening the door to forgery and fraud.
Trade finance is the channel of choice for moving illicit money out of developing countries. In 2014, over two thirds of the $950bn illegal outflows used trade finance.
Banks, despite spending more on internal controls and compliance, are also losing money through higher fraud incidents, and regulatory fines.
Several solutions already exist to bring trade finance transaction online, but removing duplicates while creating a solid audit trail are challenges yet to be overcome.
OTDocs, developed with the support of two leading international bank. focuses on optimizing workflow, to consolidate international trade finance transactions and lead to a better, smarter fraud prevention.
Overview
Location
Singapore
Phone
+65 8288 7115