VAKT ecosystem expands commodities inspection services with Intertek
Wednesday, April 8, 2020
VAKT, the company re-imagining commodity post-trade processing underpinned by blockchain, has partnered with leading total quality assurance provider, Intertek, to bring its first-class commodity testing, inspection and certification services to the platform.
Intertek joins an ecosystem that already includes some of the world’s largest commodity trading companies, CTRM systems, inspection and paperless trade services. Day by day, the VAKT vision of digiatlised global commodities post-trade processing is taking shape.
Intertek will offer platform participants access to timely, accurate data and better oversight of their positions, volumes and risk to improve invoicing. Intertek’s inspectors will benefit from a streamlined workflow and clearer, more standardised nominations.
Etienne Amic, CEO, VAKT said: “VAKT is delighted to welcome Intertek to 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. VAKT is looking forward to significantly enriching the functionalities of the platform, 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 data to the relevant parties according to market practices, in order to streamline operations for all.”
Timo Lieber, VP Group ATIC Innovation of Intertek said: “Intertek has been the pioneer of our industry across the world for 130 years. We have a proven track record of innovating and anticipating the growing needs of our clients, constantly evolving and improving our customer proposition to meet their changing needs. Joining VAKT’s world leading post trade management platform will enable Intertek customers to receive inspection results seamlessly. We look forward to becoming a partner and providing our industry-leading Total Quality Assurance solutions within this streamlined ecosystem.”
VAKT is currently live in the North Sea BFOET crude oil market. Intertek will initially test the platform ahead of full integration and VAKT’s expansion into new markets and commodities.