A. General Information
1. Title
DNI Initiative
2. Status of the project/service
Operating
3. Implementation period of the project/service:
From
Oct-2019
To
--
5. Geographical coverage
Global
6. Participating agencies/entities of the project/service:
a. Development stage
Lead agencies/entities
ITFA
Other participating agencies/entities
ITFA member banks
b. Operational stage
Lead agencies/entities (op)
--
Other participating agencies/entities (op)
--
7. Main stakeholders/beneficiaries of the project/services
Traders (big enterprises)
Traders (SMEs)
Transport
8. Business process category of the project/service
Commercial Transactions
Forwarding and cargo handling
Transport
Payment
B. Lessons Learned
9. Summary description of the project/service
a. Objective(s)
To digitise negotiable instruments as per MLETR
b. Business need for the project/service (background)
Paperless trade
c. Business process covered*
Bill of exchange, promissory note, bill of lading, warehouse receipt, ... (all included in MLETR scope)
d. Overall architecture and functionalities*
To digitise interoperable e-original documents
e. Relevant document/figure
--
10. Documents and data exchanged via the project/service
Bill of exchange, promissory note, bill of lading, warehouse receipt, ... (all included in MLETR scope)
11. Data models/databases, proprietary solutions, hybrid approaches
Integrating e-original technologies such as Enigio's trace:original
12. Main challenges faced during the project/service
Adapting national laws to MLETR
13. Lessons learned from the project/service
Slow bank adoption
14. Main benefit(s) of the project/service
Transaction Cost savings* -- rate: 85%
Transaction Time savings
Simplified process
Increased trade flow
14A. Elaborations/detailed description on benefits gained:
Early adopter Lloyds Bank on digital promissory note (August 2022)
15. Technical/financial/capacity building/other assistance
Enigio, Finastra, China Systems, Surecomp, ... are all engaged in the DNI Initiative.
16. Future plan for expansion of the project and service
--
17. Other information or relevant references on the project and service
--
18. Relevant document regarding the project/service
--
C. Relevant Standards
19. Name(s) of any international, national legal instrument underpinning the project/service
Bill of exchange, promissory note, bill of lading, warehouse receipt, ... (all included in MLETR scope)
20. Electronic message standard
20A. Electronic message standard supporting the project/service:
XML
20B. Type of standard for electronic message applied for the project/service
Industry-specific standard
ITFA dDOC specifications
21. Technical communication standard
21A. Technical communication standard supporting the project/service
HTTP, FTP
21B. Type of technical communication standard applied for the project/service
Proprietary solution
Proprietary solution was applied because:
- No relevant international standard
22. Security-related standards*
22A. Security-related standard supporting the project/service
Payload (message) encryption (text security)
Digital signatures
22B. Type of security-related standard applied for the project/service
International standard
Industry-specific standard
23. Other Technical Information
23A. Interface developed for data exchange with an internal system
--
23B. Other technical implementation information
--