With GeTS’ TFP, government agencies and the global trade community are now able to gain instant connectivity to available entities and stay connected in the “Global Window”.
Digital Connectivity is key to trade facilitation; linking up isolated digital islands is key to digital connectivity. The main hindrance to digital connectivity is not lack of digitization of data. Many companies not only digitize their own data, but also partners’ data which is needed for their operations. In fact, about 70% of information is manually re-entered when goods move along the supply chain. In other words, information is being digitized, sent via hard-copy or image of the hardcopy, then re-digitized.
World Economic Forum estimated costs associated with the document processing and administration to be up to 20% of the physical transportation costs. In addition, the paperwork can be delayed, misplaced and altered, causing further problems and resulting in mounting costs. This is because we operate in digital islands.
The efficient use of data to increase operations efficiency can be fulfilled through collaboration at business layer. GeTS’ cross-border services for government (xBS) functions like a global Single-Window that facilitates cross-border trade with end-to-end compliance connectivity. Through one unified platform, xBS powers data management and transformation for trade declarations to government agencies globally. It also serves as a system of records for trade related data and documents required for statutory compliance.
xBS has the potential to boost trade finance. The effectiveness of data connectivity brings positive impact to flow of physical goods and financial flow. When it’s easier for financial institutions to access compliance-related data, more data will be made available for analysis and to manage risks for trade finance.