A Milestone Iron Ore Transaction Was Completed: No Paper Was Used
Rio Tinto and Cargill announced yesterday that they completed the first fully-integrated paperless trade transaction in iron ore.
The software-as-a-service company Chinsay made the platform that facilitated the transaction. The companies said the deal involved the sale of Rio Tinto iron ore to a Cargill customer in China. The platform reduced the typical transaction time of multiple days down to just two hours.
"The successful conclusion of this pioneering project brings us one step closer to a future of fully digital cross-border trade," said Simon Farry, Vice President, Sales & Marketing for Rio Tinto’s Iron Ore business.
"We are focused on utilizing technology to improve the customer experience when they do business with Rio Tinto, such as reducing documentation turnaround times and simplifying processes."