SINGAPORE, 5 December 2019 | Press Release
Chinsay, the leading technology company in supply chain data capture and risk management, announces today that six new multinational companies have signed onto their Recap Manager (RM) platform in the past two months. Four of the six clients are international shipowners and operators, managing over 2,000 international shipments every year. The other two are an iron ore client which moves approximately 12 million metric tonnes per year, and a coal and coal products trader moving 8-10 million metric tonnes per year from Australia and Indonesia to Asian buyers.
RM is designed as a collaborative platform which brings Chinsay’s freight clients together to manage the mutual risk of contract generation and maintenance in a compliant manner. It is common practice in the industry for multiple people from various locations to access the working documents throughout the contract creation process, and RM makes version tracking easy and provides an audit trail.
RM allowed all clients to replace their previously-used, uncontrolled Word documents which leave room for manual errors. The clients will benefit from having a single, undisputed and error-free copy of the charter party, which has been approved by both parties, and audited creation and approval of contracts, which minimises litigation.
Tony Faneco, CCO of Chinsay, said: “We are pleased to have won six new clients in just two months. RM is a freight-specific solution with a different value proposition to owners and charterers. Chinsay’s RM enables clients to have a seamless process of creation, negotiation and approval of contracts. Both parties then have an undisputed ‘Golden Copy’ of the charter party for their whole team to execute upon. Because of the collaborative aspect of RM, the platform becomes more powerful as new clients sign-up to it. These client wins are marking a great 2019, coming hot on the heels of the ‘Innovation of the Year’ award win for Chinsay from Risk.net.”
The increased uptake of Chinsay’s RM solution is a result of a desire by freight firms to be part of a growing community of clients who are already using the platform. RM is at its most powerful when many industry players use it and can collaborate with key counterparties. Some of the reasons Chinsay’s RM is such a popular choice are:
Network of clients.
E-signature – minimising paper and courier use.
Increasing demands for businesses to become compliant in contract generation and management, and a complete audit trail.
Demands for a higher quality of contract generation to minimise unnecessary risks.
Founded in 2000, Chinsay is the leading global provider of contract automation systems for the commodities and freight markets. Its Intelligent Contract Platform (ICP) enables digitalisation of contract data sets across the supply chain. As a pure software-as-a-service platform, with the ability to support API integration, it has one of the fastest deployment times in the industry. The Intelligent Contract platform captures data during the contract creation process, providing a Golden Copy as a result of collaboration between all involved parties.
Chinsay’s concept of ‘one-time deal capture’ enables integration with risk management, accounting, legal and operational functions. This results in cost savings, increased efficiencies, improved security and risk control. ICP provides companies with the opportunity to make informed, data-driven business decisions.
Chinsay partners with clients and other technology vendors to increase efficiency and improve security and risk controls. Through industry-leading product discovery and devops practices, Chinsay rapidly and continuously adapts its software precisely to our clients’ needs. Leveraging Microsoft Azure facilities for end-to-end encryption allows us to offer the highest possible data security to our clients.
John Norris / Alice Jiga
Tel: +44 (0) 20 7250 4770