VAKT adds commodities inspection services to ecosystem with SGS partnership
Wednesday, March 11, 2020
VAKT, the company re-imagining commodity post-trade processing underpinned by blockchain, welcomes SGS as the first inspection company to join the platform. SGS will integrate its world leading inspection, verification, testing and certification capabilities to the ecosystem.
VAKT’s vision is to digitalise the entire global commodities trading process. Having already brought on board some of the world’s largest commodity trading companies, the addition of inspection services is the next logical step to eliminating manual processes that enable delays and human error to hamper post-trade processing.
Trade participants will benefit from timely, accurate data, giving them better oversight of their positions, volumes and risk and improving invoicing. Inspectors will benefit from clearer, more standardised nominations, and a streamlined workflow.
Etienne Amic, CEO, VAKT said: “VAKT is delighted to welcome SGS as the first inspection company joining the VAKT ecosystem. Our platform is built to allow traders to send inspection nominations to surveyors and for the latter to contribute their results and invoice their clients seamlessly.
“We are looking forward to significantly enriching the functionalities of the platform along this axis, with all the good things that clients have come to expect from us: well-designed APIs; privacy of bilateral contracts powered by blockchain; and routing of the data to the relevant parties according to market practices with a view to streamlining operations for all.”
VAKT is currently live in the North Sea BFOET crude oil market, where SGS will initially test the platform ahead of full integration and expansion into new markets.