- 01 Jun 2018
- All Other Countries
- Global Trade
- Supply Chain
- Supply Chain Platform
The increasing complexity of the global supply chain has introduced many issues that constrain the flow of goods: inefficient paper-based customs processes, poor data quality, lack of data standardization, information bottlenecks among separate parties, a constantly changing regulatory environment, and financial risks. A solution that combines key regulatory and financial activities into one platform can greatly simplify trade for logistics players, stakeholders and other participants.
CrimsonLogic’s Global eTrade Services (GeTS) and PSA International, one of the leading global port groups, are working together with DBS Bank to develop a global common trade and supply chain platform called CALISTA (Cargo Logistics, Inventory Streamlining & Trade Aggregation) to cut down inefficiencies and simplify processes.
CALISTA is a business-to-business and business-to-government platform that aims to be a one-stop shop for global trade and supply chain participants. The platform is a bespoke and fully integrated solution that facilitates trade and helps shippers improve the management of the physical movement of goods, trade financing and compliance.
As a single platform, CALISTA will streamline shipment tracking and make global trade more efficient by eliminating paperwork, reducing time spent on customs clearance, and reducing financing costs for importers and exporters. CALISTA will use GeTS’ comprehensive suite of global trade connectivity services, which work closely with national trade, regulatory and other supply chain platforms to help trade participants optimize compliance and meet requirements from agencies and trade associations worldwide.
CALISTA will help users reduce data duplication, improve data accuracy, automate handshakes across nodes and access timely shipment status messages. In addition, CALISTA will facilitate partnerships between manufacturing, logistics and port operators such as PSA. PSA wants CALISTA to support new intermodal transport corridors to reduce transit times, boost cost efficiencies and optimize inventory management.
For manufacturers, CALISTA will enable direct and increased visibility of goods as they move across the supply chain. Meanwhile, logistics service providers (LSPs) can better collaborate with other partiers to develop value-added solutions for their customers. With improved visibility, manufacturers and LSPs can work with port operators to access new solutions and transport corridors.
Currently, CALISTA supports partnerships with Singapore agencies such as the Ministry of Trade and Industry, the Economic Development Board (EDB) and the National Trade Platform (NTP). DBS Bank provides financial and banking technology services. More shippers and logistic service providers are expected to join in the future. Early adopters will benefit from GeTS, PSA and DBS services, including cross-border compliance services, cargo freight booking systems and trade financing solutions.
CALISTA is being developed in stages, with its first product now open to selected users as a trial. CrimsonLogic and GeTS chairman Eugene Wong reported that CALISTA is built on an open architecture, with the initial partners laying the foundation and later players improving the platform. GeTS and PSA will seek other global supply chain partners to add features.
PSA chief executive Tan Chong Meng added that CALISTA will be instrumental in improving collaboration among manufacturers, logistics service providers and other stakeholders as the platform leverages GeTS’ digital trade connectivity expertise and PSA’s physical assets and domain knowledge. Meng is excited by the possibilities CALISTA will open up, including greater cargo flow visibility and improved coordination benefits from manufacturer to consumer.
DBS Bank will provide financial and banking technology services for the project by organizing trade financing solutions and the necessary risk management frameworks for users. DBS chief executive officer Piyush Gupta said the bank is honored to support the digitization of the shipping and logistics industries.