Background
The VAKT Lite SaaS (Software as a Service) platform is a secure communication platform that allows the secure exchange of trade validation (recap) and confirmation information between VAKT vSure and/or vLogistics clients and Non-VAKT clients.
This solution is intended as a complimentary service for participants in the energy trading space (markets), covered by VAKT Global Limited via its vSure and/or vLogistics offering, aiming to provide the Non-VAKT counterparties with a more secure, efficient, and accurate process in which both parties can agree on the trade facts.
VAKT Lite SaaS would operate on an invitation principle where VAKT vSure and vLogistics customers would invite their Non-VAKT counterparties to view, validate and/or correct trade facts in relation to transactions taking place between the parties, on a trade-by-trade basis. If you would like to know more about the product or to find out if this is suitable for your needs please contact VAKT Sales team via the www.vakt.com/contact-us page. Additional details about the product and the Terms and Conditions or Privacy Policy related to VAKT Lite can be found on https://www.vakt.com.
VAKT is leveraging the Blockchain (Distributed Ledger) technology to facilitate the private and secure exchange of details enriching this exchange of information with the attributes associated with the blockchain technology: Integrity, Traceability, Privacy and Security.
Overview of VAKT Lite validation/confirmations
Managing discrepancies early in the trade lifecycle ensures both parties are operating on an accurate set of trade facts and are less likely to have disputes or delayed invoice payments later in the trade lifecycle as well as speeding up the issuance of trade finance. Business-sensitive trade facts are no longer communicated over email – thereby protecting your information security and reducing the likelihood of fraud.
VAKT Lite allows you to communicate privately and securely, in near real-time back, to a VAKT client via comments or edits to the trade facts shared by the VAKT client. All changes and communications are logged into a timeline and both you and the VAKT client can view these on the VAKT platform.
You will be alerted to a confirmation request by email, but no business-sensitive information is included. Much like you would view your bank statements or income tax return securely – the VAKT platform allows you to view your confirmable trades with a VAKT client.
As more and more market participants begin to use this platform, you will benefit from the adoption of this way of working exponentially over time. There is also an option for you to join this platform as a fully integrated participant and thereby allowing you to fully automate all communications and trade statuses back into your internal risk systems.
Receiving validation/confirmations from a VAKT client
As an off-VAKT customer using the VAKT Lite feature, you receive the recap/confirmation invitations from your VAKT counterparty in an email message. This email message contains a link that helps you directly access the trade. For security, a verification code (OTP) is sent to the same email address. After entering the OTP, you can review the trade details and confirm the trade from your side.
When you access the trade there are two options to dispute the details.
1 - You can add a comment next to fields to communicate securely what you believe the value should be. This is recorded on the history timeline in blockchain and communicated back to the sender securely in real time.
2 - You can also edit any values as required through the VAKT Lite portal edit screens. This changes the trade status to Paired with discrepancy. The VAKT counterparty is notified of your changes via the platform and recorded in the history timeline in blockchain. In this case, the VAKT counterparty must resolve the discrepancy at their end and resend the confirmation to you.
Receiving validation/confirmations from a VAKT client
1 - Open the email message in which you received the trade link from your counterparty and click Access Trade Here in the message. The link lands on the VAKT Lite portal.
The email message contains only a few fields. This is to avoid business sensitive information being communicated via email (which may not be secure). You can view all the trade details securely on the VAKT Lite portal.
2 - On the Verify Your Identity page, enter the same email address on which you received the trade link and click Continue as Guest.
3 - You receive a verification code on the specified email address. Perform either of the following to enter the code:
a) Enter the code received on your email address manually on the already opened Verify your Identity page.
b) On the email message in which you receive the access code, click Click here to enter your code. This opens the Verify Your Identity page where you must manually enter the code received.
After verification, the VAKT Lite portal directly displays the trade details. Review the details.
Review the Trade Facts
The right column displays your copy of trade details (you can modify this copy to reflect what is in your ETRM) and the left column displays the original trade from the sender. You can dispute any values by either editing the trade facts or by adding comments.
Resolving discrepancies in Trade Facts
Edit the Trade Facts
You can edit the trade facts that the VAKT client sent to you to reflect what you believe are the correct values. The edit will change the status of the trade to Paired with Discrepancy and trigger a notification to the VAKT client. All changes are made to your copy of the trade facts and are recording in the history timeline for both of your reference.
1 - Review the discrepancy fields, if any.
2 - Edit the fields to change the values as required and save.
Sending and receiving a comment
You can send a comment for any of the trade fields, and you can reply to any received comment.
To send a comment
1 - Open the relevant trade and click on Pairing.Click the comment box near the relevant field for which you want to add comment for.
2 - A comments window appears.
3 -Enter your comment in the text box and click Send.
To reply to a comment
1 - Open the relevant trade and click Pairing.
2- Review the field with the new comment box as shown in following figure. Click the comment box to read the comment.
To share a document
You can attach necessary documents to your trade and share it with your counterparty.
1- Open the trade to which you want to attach the documents.
2 - On the left pane of the trade details window, click Documents.
3- Click browse. Select the required file from your local drive and click Open. You can add multiple files.
4 - (Optional) To delete the attached file, click the icon.
5 - To upload the file, click Upload.
7 - (Optional) To share the file with your counterparty, select the Share checkbox.(Optional) To download the file on your local drive, click .
To confirm the trade facts or confirm with MTA
Once you confirm the trade facts, the trade status changes to Confirmed.
The Confirmed status here refers to confirming that the trade facts are correct. Once you have your MTA in place, you can proceed with legal confirmations digitally on the VAKT platform.
To review the history timeline
You can view all the events that occurred on the trade in the Timeline pane along with the timestamps, action details and counterparty name.
The timeline helps you to track the actions in chronological order with all details such as the timestamp, counterparty details, status of the trade and so on.
