 Perfect. Here we are Joe. Look, our words, I would scrap the reading of the policy as usual. By the way, welcome everybody today here at the usual trade fund sick meeting. Pleasure to have you here all. I'm André Fousenini, Chairperson for the Hyperledged Trade Fund Sick. My pleasure today to welcome some friends and mine, namely Mr. Joel Schrevens from Belgium, China Systems. And I will leave the stage directly to him to have a presentation on documentary trades digital rebirth. Joel, your time is up. Thank you, André. Yes, we have about an hour. So quick introduction to myself. So my name is Joel Schrevens. I am Solutions Director of China Systems and I'm also heading the Trade Digitalization Services Unit in China Systems. Today's presentation, as André already mentioned, your documentary trades digital rebirth or at least one variation of it because there will be many. Before I actually start the actual system presentation, which will take about half an hour, I would like to give a bit of an introduction to explain what has driven us, the team actually to design the vision beyond the statement. Everyone has a mission statement of vision. We definitely want to make more than just the statement. We want to design that vision. So everything we do, we will always accompany it with an actual presentation showing how we've interpreted what we consider to be digital trade. So we really consider how we make it part of China Systems Value Proposition. This is actually one part of it. And what you see here, you can get a copy of the presentation. This is what happens every day, millions of times in trade, people creating content, small screen printing it, print job going to the printer, mailroom involved, truck picking it up from truck to distribution center, distribution center to plane, truck again, delivery, ultimately getting into someone's mailroom, scanning it, trying to extract data, meaningful data to convert the content back into something that people can work with. So this constant cycle of screen to screen, but via many steps in between. So data is going from structure to unstructure and back to structure again. I consider it to be one of the major anachronisms of modern times. So part of the thing that we want to resolve and it's a cliche is that we are absolutely convinced that the continued use of paper documents in trade is not only financially but also environmentally, it's irresponsible. So we have to do what we can within the boundaries of the law, of course, to actually do something about that. And that is what we want to do. We want to integrate and work with solutions that give us the same reach as what you see on top. Because today, physical courier, DHL, UPS, FedEx, they can send a document from Belgium to any other place in the world. So the reach of physical couriers or the reach of digital couriers should not be any different. So one of the criteria is we apply is if you look for digital document technology is it should have the same reach, more secure, fully traceable, instant, structured, possible and with more respect for the environment. And we are convinced that we have such a solution and that's the one you will be seeing in this presentation today. So we have implemented a solution which allows us to apply a concept of a blockchain based public notary, which can actually verify authenticity of documents, the integrity of the data in this document, and more also the ownership of the documents. The solution provides APIs to allow the only unique owner of the document to create a proof of ownership, which allows us to trigger business processes based on that ownership. So the solution is compliant with UN Central MLTR, is compliant also with ITFAS, Digital Negotiable Instrument Initiatives and DDoC specifications. More specifically the solution that we've implemented today and we're not excluding that there may be more solutions in the future. Also IMDA in Singapore is from a conceptual point of view very similar to the solution we've implemented. But the demonstration today is going to be based on an EGios trace original digital document technology. The second thing, the second part of the vision and it's sort of, it's going to be a path here. It's not going to happen overnight. We want to actually make clear and some people that read my article, Trains, Plains, Auto Beal and Trade documents will immediately understand what I'm talking about. Trade can learn a lot from travel. If I travel intercontinental, I always look of course for the shortest duration of my trip and often the solution lies in using code sharing partners, airlines that cooperate with each other, airlines that cooperate with trade companies like TALIS. I can get on a TALIS in Brussels, fly a France or KLM or a combination and get to anywhere where I want in the world. So what we can learn from travel is that code sharing agreements actually provide a customer with an end-to-end integrated journey experience whereby I can check in my luggage at the origin of my journey and pick it back up on final checkout. I show my passport once, I prove my identity once and I can actually enjoy an integrated journey. We can learn from that in that way that we should also co-chair our services with trade, other trade ecosystem services providers that allow us to transact or travel cross-border using simple digital identity. Now today already what you will be seeing is that we will have integrated our service with two partners, which is Anegeo for Digital Builds of Exchange and Cargo X for an electronic bill of lading and they are a bit more than just an EVL platform, they are also the country of Egypt's advanced cargo information system which exporters need to upload invoices, packing lists, bills of lading and certificate of origin mandatory for all inbound travel into Egypt but that's a small anecdote. So in the future and I'm not going into detail on that, in the future we also expect and there's been work being done on this portable digital identity is going to be the second big part, not only co-chairing services but then also being able to use portable digital identity and there's a project going on, W3C, the worldwide web consortium with decentralized identifiers, also legal entity identifiers, organization is going to be part of that solution. It will allow us to actually provide proactive TBML, trade based monoling laundering, combat techniques instead of only reactive ones but that's not the topic of today's meeting. The business case as is, let's get into a bit more detail. This is the business case that we've looked at where we said this is a paper-based solution today. It has some benefit but it has massive weaknesses but those all those weaknesses are actually based on only one thing and it's the paper. For people who know collections, documentary collection, this is the flow. It's a paper-based procedure where banks are mainly being used as mailboxes actually to control the exchange of documents. Typical exchange is if you accept this bill of exchange or draft then you get those documents. They could include a bill of lading, a document of time, documents against acceptance, documents against payment. That is today a documentary collection. The fact is the volumes at a global level at least of this product are in decline. What are the main weaknesses? Obvious. I don't need to repeat this. You must be tired of hearing this. Delays on transmission of paper, goods arriving before documents of title may lead to additional charge, de-marriage in a port. It could be cost-related banks, issue of shipping guarantees, etc. And those documents of title is also a risk of them being intercepted. Very slow, very risky. So we're moving to instant payments in this world. Why should payments related to trade be any slower? There's going to be pressure also in that area to move to instant settlement, instant liquidity. Why do you have to rely on a physical bill of exchange being sent between three or four parties across the globe actually get your money? It does not really make sense. So the business case digitally re-engineered, this is sort of the summary of it. We want to optimize a paperwork business case that everyone knows, but we want to of course improve it without those documents being sent around. And without people being physically involved in processing them. So definition of trade, trade refers to the exchange between parts of goods and services against money. Goods against money. So can some of that person use themselves? Sorry, please everybody mute yourself because otherwise we could have problem. Do you have a good head? Yes, thank you. So goods against money, we said how could we achieve that? How can we satisfy a buyer and a supplier on the core expectation in a trade transaction? Goods against money. Goods, we said, the bill of lading and an instrument that is getting a lot of attention. Although it's not, you know, there's airway bills, there's CMRs, there's still a lot of other transport documents, but the bill of lading of course is attracted because of its tidal aspects. Money or money's equivalent. We looked at bill of exchange or promissory notes, which are the two most well known documents. So we said, how can we bring this together in a very compact way, in a very real time way so that we can actually create instant liquidity? It's one of the cases that was submitted to the UK government in order to support UK exporters. How can exporters obtain working capital in the fastest way possible and the most secure way possible? This is one of the three cases that has been submitted to support exporters in this way. So creating instant liquidity based on a digital re-engineer product. How can this be optimized? I will go through this very quickly because yeah, you will be seeing it. Of course, using API is the buzzword. Allow us to do a seed in action. How can we orchestrate those collaborative workflows between our solution, which is mainly a back office bank solution, and also a corporate front-end solution, which is not a must. I want to make that clear. You do not have to use all the components of our solution. On the corporate connectivity side, there are a lot of other possibilities out there for corporates to hook into this solution. Using digital signatures or seals, of course, very important because signing of documents, you need to have a solution which allows you to sign those digital documents. Obviously, one of the objectives is to reuse metadata from documents to actually generate the transaction automatically as much as possible and also to perform trade-based money laundering and compliance checks. The digital notary concert I've already explained. This is a blockchain-based solution, not storing one character of business data with where we can actually upload a document through an API and ask them, please confirm originality and please confirm ownership. No access to business data is required. The second last point, I won't dwell on that too much, but it's one of my favorite topics, sourcing data from reliable sources such as single windows or trade facilitation. What does that mean and the cargo ex solution and example of that? We're actually sourcing our data from a mandatory channel from where any exporter worldwide needs to upload his export documentation. This is the source information that goes through the customs authorities in Egypt and probably a lot more countries in the future. This is where we source our data. It's very secure because of course KYC process. The last point which you're going to see very often in the demonstration, real-time updates of course, it's an obvious one, increasing productivity and the overall user experience and interaction. The thing here at the right at the bottom, we could have a session separately about this one. We have of course an additional motives with the solution. Bills of exchange, promissory nodes are digital trade assets and from that perspective, they offer a lot of potential. A lot of people talk about payment obligations these days, could be bank or could be buyer. A bill of exchange or promissory nodes and accepted bill of exchange promissory is exactly that. There is a huge secondary market potential for this. That's why I've put the non-fungible token transformation potential. This could be repackaged and distributed on platforms specialized in this. Again, you should have a separate session about that. Of course, we're not entirely naive. We are a technology vendor, but we're also facing the challenges of the law. How can we move from paper to digital documents on the work of the legal paper? We cannot ignore this. We're also involved to the maximum extent for the technology vendor in building the case. I will read you that you will get a copy of this presentation. There are currently a number of approaches out there. I will explain the options actually on the next slide. But for us, we are not going to wait till the law has changed in every single country on this planet. We have to be proactive. We have to show the way that we consider that as part of our responsibility. Practically, yes, this is digital documents. There's going to be massive resistance. It's going to take decades globally to achieve this. Maybe even it will be never be achieved. Well, never. This is a big word. But for us, what we expect to happen is and that's what we will be targeting. We will be targeting trade chains between jurisdictions with an active digital trade agenda. And we will also are convinced that those do not have an active digital trade agenda, that this will hurt their exporters from a competitive point of view, exactly because of this instant liquidity potential of digitally re-engineered solutions, which you will see. So this is something maybe a bit, yeah, I'm going to get some reaction to this for sure. This is probably a bit controversial, what I'm going to be saying now, especially what's going to appear in a minute. So we've asked us of how can we kickstart adoption of digital documents? For example, we've exchanged a promissory nut. Option one, one that everyone knows. Oh, let's come up with a rule book. Let's because we cannot wait till the law has changed everywhere. And I can understand perfectly the approach. Let's create a set of rules for parties that we can give access to our system. If you want to offer services on an application, it's normal. You have to do something. So this is an obvious way. There's nothing negative about this. Apply a rule book. The challenge with that, of course, is trade involves so many parties simply because of the sheer number of participants, customs authorities, inspection agencies, not to mention the buyers, suppliers and the banks and everyone else, you need to onboard all of the parties unless there is an interoperability solution. Option two, you can embed contractual wording inside the instrument. And that's what ITFA has done now as an immediate solution. We have embedded with the help of Sullivan and partners to embed contractual wording inside a digital container which replaces or acts as an equivalent, I have to be careful with my words, of a bill of exchange and promissory. But with embedded legal wording inside the digital container. The challenge with that is it's actually meant as a temporary solution. The scope at this point is UK law, which means it may resonate in Commonwealth countries, but not all over the globe. Also, since the wording is embedded inside a document, it would mean you have to perform repetitive checks to make sure that all the clauses are there. But workable. Option three, you could wait for legal adoption globally, country by country. The problem with that is if you have to plan your budgets for development of your solutions, that's not an easy one. It's unpredictable. There are so many dependencies. So is there another option? And this is, you know, the lawyers are going to jump on this, everyone else may jump on this, but I'm just putting it up there just for review. In my opinion, with some goodwill and some desire to collaborate. And this is my, I've drawn a small map and I've put sort of back office providers on it. The invoicing platforms like the invoicing platform. Well, an invoice could be a term invoice. And instead of a buyer approval, which is easy in a closed ecosystem in an open ecosystem, you could easily replace a buyer approval by a digital bill of exchange being accepted by the buyer. So that's why I always believe in invoicing and trade and payments meeting each other. Now, other platforms, SEF platforms, trade consults here, the counter is the we trades, the comm goes, I'm going to be missing some of them, but there's a lot of platforms out there. Now, at the left bottom part here, I've put MLETR complied digital document technology. And that's what we believe trace original is the technology is there to control data integrity, authenticity and ownership. So we have already used it. We've adopted it. And there's another vendor who has also adopted it already. One of the other leading vendors in the market has also adopted the solution. So you could really ask yourself, well, you've got all those other platforms. How difficult would it actually be for those consortiums or for those platforms to as part of their existing rulebook adopt MLETR compliant technology? I'm sure you can come with many reasons not to do it, but is it impossible? I don't think so. So if you would adopt your rulebook, now I've changed color now, you could actually create interoperability based on a common MLETR compliant technology. We could start pushing around digital documents between those parties that have adopted it. That is possible. Technically, it certainly is possible. Legally, I leave the floor to others. Another element, food for thought. And just thinking out loud. And because we could have APIs between the consortiums and our backup, we could easily do that for sure. Technically, no problem. But Swift maybe could also ask themselves with the file like solution, which could act as a digital courier for the trace original digital container documents. They have an API. Why could you not use the Swift network to transport digital documents and actually embed an API into the platform to perform the checks on the integrity, originality and ownership chip? Just food for thought. It's not my decision, but I think technologically, there are definitely no obstacles to achieve this. I have to keep my eye on the clock. I'm going to start my demo soon. Introduction to the demo. We're getting close for those people who want to see something only a couple of minutes away. This is what you are. This is the setup of the demonstration system. We're integrating with Cargo X for the EBL and with an idea for the change. The demonstration parties in the flow are going to be the exporter, the bank and the importer. We've set up on the EBL platform. We had to create the transaction because this is a copy of a production system. It's a sandbox, but still a live system, a copy of it. So, sea shipping is a carrier. Digital supplier in the UAE is the exporter. Exim-Mills Bank is the remitting bank inside the collection in the UAE, and Bright Buyer in the UK is the importer. The systems we'll be using are mentioned underneath. Our back of Exim-Mills Enterprise is key. That's the trade control tab. Digital signing, as you will see, is a small note. We will be using one-time passwords and mobile digital signatures, but you will see that. The entire demo flow is going to start at the point that the carrier, the bill of lading, has already been created. A master bill of lading has been created. The exporter has a objective to obtain finance on that trade transaction. On his export, he wants to receive working capital and he's going to be working with his bank to actually achieve it. He will be giving access to this EBL to his bank, and you will also see that. So, the demo processing flow. I want to stress what you're seeing is just one very specific scenario, and we could easily adjust this in terms of level of automation. The corporate communication channel, which is now our portal, but it could be another corporate connectivity platform. You can also adjust the documents. You could even, with the new URDTT, we've already investigated this. We start the process from the exporter. We could actually also start the process from the buyer issuing a payment obligation, a conditional one, based on the transfer of ownership of an EBL. We've got all the tools in our solution available to actually support URDTT, if that would be required, or to just operate under EURC, using digital documents. So, this is the flow. The key thing, I'm not going to go through this flow. I'm going to show it to you. But afterwards, if you digest this, you can go through it again and actually check. So, a lot of it is going to be automated. All the, I would say, the orange boxes are automated. The green ones, like green ones, are cargo X APIs, and the gray ones are trace original APIs. And then you have the activity with user intervention, which is known a lot. You will see a lot of events are going to be fully automated. There's not that much user intervention. But you can again go through this in detail. The import is not a customer of this bank, which means we will only be interacting via email with this import. Email with secure tokens, which you will see now. Okay. So, this is the introduction. I'm now going to kick off the demo. And as I said, the process starts inside cargo X, where I will show you the EE bill of lading that we will be using as part of the digital collection. So, you start now. So, this is cargo X. The bill of lading that we will be working in this presentation is the one that I show you now. It's number 0016 at the end. Just remember that reference. This is the bill of lading. I will also show you the metadata that has been extracted from this bill of lading, shipping from Jebel Ali in Dubai to Felix Stone in UK via the TDS Spirit vessel. This is actually a visual display of the bill of lading. We've created that PDF. You can see a shipping of the carrier. So, digital supplier is the exporter shipper. The order bill of lading and from Jebel Ali to Felix. So, as I said, shipped on both the 18th of July for a prepaid and the signature. So, this is the bill of lading. You'll be seeing it a couple of times. The only other thing I need to show to you before I kick off the flow is because it's a transaction that we aim to finance. I'm going to show you in our back of the system, the limit that we've set up, that the bank has set up, provide receivables financing to the exporter. We've set up a very simple limit. We could have created a portion for each buyer, but we've created just one overall facility for bill discount or receivable financing. So, we quickly show you that limit. We've created three levels, but this is fully configurable. So, the limit is on digital supplier limited, where we have credit line at the top. So, the customer credit line is the first level, quite a big amount. The second level, we've created a sub limit. We could create as many sub limits as we want, but we've just created one sub limit for export collections. Under export collections, we've created a facility, which is actually the level which is related to the type of risk we're taking, which is a bill discount. So, three levels. That's the limit we are going to check. So, that's my brief introduction. Now, I'm going to kick off the digital export collection flow from our corporate portal. This is just a standard look and feel. This can be customized, but I'm going to kick off now an export collection process. I'm going to apply for it. I'm going to use a template to facilitate data entry at EPU by buyer. I'm going to load this data from a previous transaction, and I'm going to modify the reference of the export and also remember that one. I'm going to call it EPU, TDS 8888 collection type. We're using exactly the same solution as for our paper collections. We just have added two types, digital via collection bank, via collecting bank or digital via direct to drawer. This one is going to be a digital collection direct to drawer. Finances required, $25,000. I'm going to make it. And then we have the first time our API. We can display here all EBLs from all partners that we're integrated with, whereby the exporter is equal to the shipper on the EBL platform. I can then automatically, based on the reference of the bill of lading, I can download. I can via API retrieve the metadata for compliance checking any of the checks I want to perform, any workflow information on the bill of lading. And of course, I can also download the document itself. This is all done. This is not stored in our system. This is just an API allowing us to extract that data in real time and to work with that data, of course. We will be using this metadata to create our collection. We actually, in the next phase, it would be so easy. We could have done it. We could have taken the invoice to actually also create the collection. It would not have been difficult, but the message to the bank, please process today with digital. Yes, so why not? The next information, the proceeds. This is where I want the funds to be credited. I'm on my dollar account, please. Then the phone number is important because in this demonstration, you will be using mobile one time passwords that actually create digital signatures. We could do it differently, but this scenario is based on mobile numbers. The buyer selection ID and also his phone number. So the UK phone number I will use for the buyer. My Belgian phone number I will use for the supplier. 60 days, that gives me some time to finance it. 60 days tenor, charge instructions. Like I said, this is the standard collection process. We've taken some fields out because they're not relevant in a digital world, but the rest is the same as our paper-based collection process. Estimate the time of arrival, shipment from. This is all the vessel related information, shipping information. Confirm this. I'm quickly going to release this now. Going into the supervisor release queue. I'll visualize my filters and I'll type in my reference, which was EPUTDS and something five eighths in it. So triple eight should give me the result I want. Yes. So here is my export collection. I'm quickly going to release this because I want to push this in the bank. Why do I have to push it in the bank? Because I need a digital bill of exchange and the bank is going to do that for me. They're going to create it for me and I will sign it. So I will now go into our exit mills back of the solution, where my interactive dashboard is going to tell me that I will have received some export collection instructions. So in the next step, I'm going to create as bank the digital bill of exchange, which I'm going to push to my exporter and ask him to digitally sign it legally valid. So the bottom one is my EPUTDS transaction. I selected all the information is there. The key information of course is that finance is required. Yes. And auto finance for this customer is said to yes. What does it mean? You're not going to get a quotation of a financing offer. It will be automatic based on certain criteria defined on the program actually. I'm going to accept this instruction, quickly look at the other data, all the parties that's coming from the portal. The mobile is being used as the method to contact both parties. This is default based on the currency we default the settlement instructions and payment remind. This is digital. We've got to be sending a digital payment remind to the buyer five days before the maturity. If we finance this, we want to get our money. This is still the information. I'm going to stop here for a minute and I don't know whether any of those companies is on the call. But here you can see what we want to do. Of course, the goods are being shipped by the TDS spirit. You can see this button. We've not activated it yet. We can activate this to actually do vessel tracking because could be IHS markets could be a whole style. There's a number of companies providing. But then we would need the IMO. We could look up the IMO number international maritime organization. You need number of the vessel, but that's in the next step. We'll continue the process. Demo continue. This is the limit check and the limit has been passed. For the build discount facility, the limit has been checked, which means this bank, which is using our system, is ready to finance. Reference for the back office, 249. Remember that export collection reference. I'm going to go to the supervisor release queue now on my export collection module. It's going to show one transaction of today, which should be green. It should only be, yes, zero days, which means today, one transaction. I click this and I will directly go to that record. So I'm going to release this now. Supervisor can check all the data, can check the documents and check anything he wants. And when I hit the confirm button, eggs and bills will trigger an API with trace original and generate on the blockchain a digital bill of exchange. The blue fields are the ones which have been changed in the last event update. So the bank, this is where the API is triggered. We're going to generate a digital bill of exchange and we're going to push this. We can do text notification, we can do email notification. We're now going to push this into the portal, back to the export. So we're back into the front end system here. And there is going to be a bank message for the export of asking him, look, we've accepted your export collection, we've accepted your finance request, your limit has passed, all the checks have been passed. Now you need to digitally sign this bill of exchange as the drawer to make it really valid. So that's what's going to happen next. So the digital bill of exchange signature required. So if I click the sign button, I will trigger an API. And I've made screenshots because you cannot see my mobile. So what I've done is that's why it's recorded. You will see screenshots of my mobile very soon. So I'm going to sign this bill of exchange. So I'm going to enter and there's a check on this. The mobile number has to be exactly the same as the mobile number that was agreed in the trade agreement for this supplier. So my Belgian mobile phone now has received this code 698072. This is a one-time password verification. If I confirm this, it gives me access to the bill of exchange. And this is what it is actually for the technical, this is a PDF with an embedded JSON object inside. This is an image we've created for the bill of exchange. This can be customized in any way you want. That's the bill of exchange. And this is the structured data of the digital document. When it was created, by whom, who are the parties? How do I identify? And what's the ID, et cetera, et cetera. The required signers, as you see, there is a mobile number for both. The ID for the signing is based on mobile identification. So I'm the supplier. If I'm happy with this, I can decide to sign this now. Again, there's going to be a one-time password submitted to my Belgian mobile phone number. I'm going to sign it. Again, I receive here's the screenshot of my mobile, this code 619059. I enter it and that will give me access to the actual signing app. And I'm going to be signing as a good name for a Belgian beer, but also a female name is Stella. Stella supplier. She's the boss of digital supplier. So this signature, again, it's a handwritten one. Of course, it could be a retrieved one. There's so many different ways of handling. So I've signed this now. At this point, the digital document on the blockchain gets updated with this Signicat. We use Signicat, in this case, Signature. So sign for the drawer, sorry, the exporter is Stella. And you can also see it. Event number two is including this signature from Stella, the supplier. Now, based on that, our back office in STP mode has automatically generated a digital collection order because all the data was there straight to the buyer. So our system generates in real time an email notification to actually to inform the buyer about this collection. So digital collection, the reference number, good shipped with this EVL number. And here instead of sending him a letter, we will actually present him a digital collection order. So based on the instruction of this customer, you will be able to verify all the details. But the key thing is, as soon as you accept the digital bill of a chain, we will automatically transfer ownership of the EVL of leading to yourselves. So instead of the letter, this is by a secure token at the top. You can see it. This is the digital collection, not a piece of paper, just digital form with digital attachments. All the functionality just at your fingertips is there. No need to scan anything. Just straight digital presentation. That's the bill of leading. That the buyer can look at. He can also look at the bill of exchange. And all the other instructions, if any man, you give us your admittance, your letters, they can be transformed into a digital collection. This is the bill of exchange, digital one. And you can of course also verify all the structured data which is in this. This is the reflection of Jason object, the required signers. This is just the information, all the parties, the mobile number. And of course, what is the history and the document of the creation? Something else has happened. The signature of the drawer, the exporter. He has digitally signed. I'm going to verify all the other information, the details, the description of the goods, sort of loading, etc. collection instruction. And this is not, we hand you over documents against acceptance of the bill. No, we will transfer ownership of the bill of lading against acceptance of the bill of exchange for $25,000. The payment instructions, how funds need to be remitted. And this is the history. If I sign this again, I do the same thing as on the exporter side. Here I'm going to use my UK mobile number again, which has to match the one recorded in the agreement in the document. Otherwise you will not get access. Verification code, screenshot of my mobile, 265532. That will give me access to the signing capability. So it's two times an OTP, one-time password. And I can now see the digital bill of exchange. And if I'm happy with it, I can decide to sign it. When that is signed, a lot of things happen. Because here this is where the digital handshake is going to be taking place. I sign as Droy. I'm going to sign the document again. Again, pass with verification, 694190. And then I will be able to digitally sign. And then the handshake, all within 15 minutes, is going to take place. I'm going to sign as Bernard, Bernard for the buyer, and the boss. So I sign as Droy. This is the acceptance of the bill of exchange, which, and then the buyer is keeping his deal of the bargain and the bank has to keep their deal of the bargain as well as supply. It's happened. Our back office already knows now that the bill of exchange has been signed by the Droy. Immediately following that, if we go into our back office, and you can see it also here, event number three, the signature of the Droy. We go back to eggs and bills, because three things have happened. We have also financed the supplier. There's an STP process which is executed. We're going to send the acceptance and the finance details of this receivable financing transaction to the supplier portal, and keeping our deal of the bargain, transfer the ownership of the EBO via cargo X to the buyer. So let me inquire my transaction 249, which is still in my clipboard, 249. The last event on my transaction is number five, the acceptance. As you can see, there's a lot of things have happened, and you've barely seen anything on the back office. Why? Because it's all STP. So step number five, the acceptance process important. The tenor is now, the maturity is fixed, which is the 17th of September, which used to be in the future. There's not going to be more, but it used to be in the future in our record of this, and then the discount information. As you can see here, out of the $25,000 of the bill of exchange, we've deducted some interest based on base rate and margin, net amount payable, $24,988.89, not too bad, I would think, not too high costs. So that's what the money which has been booked, which we've booked into the supplier's account, we could then send the PDF statement to the supplier, but what we have done here is we simply send the structured message to the portal, and then I'm going to show it to you now. If I do a quick inquiry on my transaction in my export collection module, there is an event to update the supplier about the acceptance and the receivable's finance and transaction. So let me inquire, my transaction collection, nor the reference again, clipboard 249, and here it is, it's still open because the buyer still needs to pay, the transaction is to open, but if I inquire on the events, event at the bottom is the acceptance and finance details. So if I inquire on this and we could, like I said, is easily created a PDF attachment, we could have sent that in via the portal via email, whatever. This is the information from the back office. The maturity date is important because the buyer has to pay this at maturity, and the finance details. All the details you just saw in the back office map into a structured message into the portal. The most important thing of this digital handshake is step number three, of course, transfer ownership of the EBL. And that's where we again have user API capability with Cargo X, where we've said to Cargo X, look, the buyer has kept this part of the deal. We are now going to transfer the ownership of the EBL. And again, there's real using an inbox. This is the email inbox of the buyer. If I go to the buyer's EBL updates folder, you will see that there is a message and notification received from ExxonMills Bank. This is, we'll provide a link into Cargo X. There's obviously security. There is a JSON blockchain key file. I'm going to now from this email, open as the buyer the Cargo X platform. So I'm logging in as the buyer. I'm going to choose my buyer key file. This is all security stuff. My encryption password. And I'm going to be logging in. And now I will find if the bank has kept their part of the deal, I will see that that the ownership has been transferred to me, the buyer. So is there a notification? And at the top one, at the top, the bill of lading 0016. If I click this, you see now that the current owner has become bright fire. The buyer now holds possession of the EBL of lading. Then he can actually kick off the process with the delivery order, whatever. Point is eight and trade for whatever to start. This is again the same bill of lading. I've shown this many times, but it's still the same one, nothing new about that. Now, so this is actually the collection here as far as the acceptance goes has been done. Of course, we said end to end, which means we're going to do something more. Remember that I said five days before the maturity, we will send the payment reminder. So now we're doing some time travel. Five days before the bill of exchange maturity, exit bills would automatically send the reminder to the buyer about the fact he needs to pay this because the bank has made the advance, but they still need to receive the sub funds from the buyer to reverse the liabilities and the risk on this transaction. This is the payment reminder to the buyer. Thank you for your payment, blah, blah, blah, but don't forget the value date, 17 September. And when you click this link, you will be able to verify all the transaction details. This is actually a step we cannot control whether the buyer will actually do this, but given the opportunity here, we're actually to confirm that he will execute the payment. As a bank, we are not going to base our reconciliation process on this message. However, we will be using, we will be reconciling against the nostril account to actually reverse the process. So again, buyer can review the bill of exchange and he will be able to see, yes, I actually, on that date at that time, number three, I will not be accepted this digital bill of exchange. I have to pay this. The payment instructions are there, crediting, exit bills bank account with Citibank in New York. So the US dollar account with Citibank in New York. My account in this scenario as a buyer is with Sumitomo London. You will see that very soon. Sumitomo London, and I will be using Sumitomo New York to clear the US dollars by Citibank, but that's going to be the next step. We've logged this payment confirmation. This is a step that is actually not a must, but it's just to show you again that we've updated exit bills with this buyer payment confirmation. Again, doing a quick inquiry on 249. Yeah, my reference was 249 of the bank, and there you will see that the last event now is not the acceptance anymore, but it's the buyer payment confirmation. But like I said, not good enough for reconciliation purposes. We're now going to be simulating a Swift process, and you will see that now. We're going to be simulating a message being sent from the bank actually to a Swift Alliance machine. That's the next step. If Citibank receives funds in their account, they will normally send an empty 910, which is a confirmation of credit. So we will be using an empty 910 with the reference of the collection. This is a confirmation of credit that Citibank has received the funds from Sumitomo New York. That empty 910 in the MX world, a CAM, it's a cash management machine 054 for all the people who like Swift, a talk, that will allow us to automatically reconcile the payment against this political change of the finance. So tax 72 payment digital collection demo. But 249, that's the one we will be monitoring, where we will be having our Swift listener to actually perform reconciliation. Message has been sent. If I go into exam bills now, our STP listener will automatically process, and six things will happen. The incoming Swift will automatically trigger a function inside our back office, which is going to book the received funds, the 25,000 to settle the finance transaction, reverse the limit, close the collection. If the balance of the collection has become zero, send an update to the supplier and invalidate the bill of exchange on the blockchain. Six things. Let me see whether those things have happened. And we're almost at the end of the demonstration. If I inquire on my transaction 249, you will see that now my transaction is closed because the system has detected it was a full payment. And see, closed is yes. The system has already updated the record in STP mode. When I inquire on event number seven, payment received, which is done fully automatically, just based on that Swift message, I will be able to verify all the details as well as the Swift message received into our system, that empty 910 message. So collection balance as you see zero, which means it's been fully paid. Account identification, that's the Nostra account, the TAG 72 digital collection demo. And on the second page, you have all the payment parties, which is for the buyer. This bank is Sumitomo in London, the crediting Sumitomo in New York, favorite city bank in New York, for the ultimate beneficiary, eggs and bills bank. We can actually show you also the Swift message. This is the empty 910 that you just saw, where I was simulating the Swift transfer. We receive all the Swift messages in our system, whether they're empty or a mix, it does not matter. So that's the actual Swift message with that TAG 21, TAG 21 related references, the one we used to the former reconciliation and then payment digital collection demo. So that message is there. The other thing I said was we're going to be updating the portal with this payment, because it could be if the bank has applied recourse on that finance transaction, it's still relevant for the supplier that the money has come in, because you never know that the bank may actually execute its right to recourse. So the update the supplier, there could be actually a settlement of a residual amount if the finance was not for 100%. If the banks are going to give you 90%, there would still be a settlement of a residual amount of 10% minus charges on this reconciliation booking. So transaction has been closed. And as you see the last event here is payment received. I will not go into every single screen because we're almost at the end of our hour. I don't want to upset Andrea picking up his kids. We're almost there Andrea. This is the last thing. No, I wanted to say this basically because I wanted to leave a very small space. We're almost there. The last thing is this is the last minute. We're invalidating the bill of exchange on the public ledger. This is the video. I cannot stop this. So the buyer has to be aware of course that his commitments, his obligation has been removed. So here we're going to be showing to you the view of the public blockchain as well as the actual digital document. The last 30 seconds Andrea. And so I'm going to be viewing the public ledger. And as you can see, there's no business data on here. But event number four on the public blockchain is that the document has been invalidated on that date. 20 minutes after it was created. And for business people of course they can also see the actual document. That's the last thing. You can review the actual digital bill of exchange where you can check inside its history that this is the view of the bill of exchange. But you will see now after creation, after signing by drawer, after signing by drawee, event number four and the last event on this demonstration is event number four, the invalidation of the digital bill of exchange. Drawee is paid. Yeah, that's it. The very last thing and people can look at this presentation. What you've seen is being our solution being used, but this has been designed the only channel compliant. You can integrate the solution, especially on the corporate side or even on the bank side with any platform out there with AP, provide us your API specifications and we need to integrate with any. That's where I'll stop to give people some time. Perfect. Thanks, Joe. That was very insightful. At least we also had the way to, we also had a chance to visualize how it works, the process. There was a few questions in the pipeline, Joe. It was Leandro Munes. It was asking how much Chauvit is in production now? This has only just been developed. So this is a result of something we've only just done in production at this point is nothing. The people who understand there are obviously still legal constraints around digital documents and we as a technology vendor cannot undo these. However, watch out for 2022. It's not under our control how the law is going to change and that's why I also made these suggestions. We are counting on Goodwill. It's not a technology problem anymore. It's mainly Goodwill and also, of course, finding the legal and regulatory solutions to actually be able to interact with digital documents. I don't want to simplify because that's not the case. So this is not in production. This has only been, you've only just developed this end of August, one month before the schedule actually. Okay, next question. If it was an answer, I hope. Hello, Andrea. Sorry, sorry, Joe. Oh, there is hold on. I just missed it because my PC is so slow today. There was a question by Walid Zayed. Did you start working in this project regardless of the regulations that back to work? He built a rating still to now under regulation as an ownership document, but this proof has received as a contract. Assume the regulations that accept the electronic document will not be released or will take a long time. We are not, like I said, we are working on this one in terms of EBLs with Cargo X. Cargo X has is the blockchain document gateway for the Egyptian government. Any export at this point only see anything going to the Suez Canal. For many exporters worldwide, the documents have to be uploaded to the Cargo X platform. The transfer of ownership is handled within the Cargo X platform, and that's a live, that's a production system. So we are just interacting with that. We are not, what I say, we do not control the law. We can only influence it by proving what we can do technology wise. I'm not a lawyer, but we are working with lawyers, and we're also working under the umbrella of mainly ITFA who is working with lawyer companies to actually to take us through this process. And we know there's always challenges, but there's always a reason why you should not do anything, but we're not going to wait until the law has changed. That's not our approach. So we're looking at this as an investment, because we want to be ready in case the digital gates will open. And it's not a matter of if it's a matter of when, and that could be sooner, at least in a number of countries sooner than expected. But again, not fully under our control. So one more question. Hold on, Javad. Is this in the process flow integrated with the AML sanctioned screening systems? This is from Damian Robinson. Yeah, we are a back office provider. We integrate with whatever, obviously on every trade system, every project includes an AML integration project. Yeah, we are not the provider of such solutions ourselves. There is, we've integrated with Acuity, NIC Actimize, there's a number of solutions in the market for this, Fercosoft, Norcom in the long and a while back. So we integrate, we are mainly the company, the engine, who actually acts as the data processor and actually interacting. If you look at our solution here, if you look at this, we provide the trade control tower. We provide the dashboards, as you can see, one of them is probably, we've got vessel tracking here here, transactions pending compliance decision. We provide data to trade compliance engines. That's what we do. And we interact in real time with those engines. So we get the responses back. There could be hits, could be confirmed hits, could be false positives. And we use that information to trigger our processing flows to let a transaction continue if it was a false positive, or there was an override or whatever from a compliance officer. That's what we do. That's our bread and butter, integrating with systems like that. But we are not the software provider of such solution. We provide the trade control tower, we generate the accounting, we generate the advice, we the financing engine, we interact with effects, with risk management, we provide MIS data. That's what Eximules does. It controls the entire collaborative workflow with any external party, whoever they are. And internal parties. Joe, I think we will have to stop here also with the question and answer time, but it was a great presentation, by the way. This meeting was the most attended at all between the ones that we had in these last two years. So I thank you so much for these my insights that you shared with us. Thank you so much for your time and can wait to hear from you again. The rest of the team, of course, are doing great things. Thank you, Andrea, for giving me this opportunity for people that have questions. You have my details. Please do not hesitate to contact me or our TDS team. Actually, we will be keen to answer all the questions. Perfect. Thank you. We'll meet again in one week time. I'm going to be back to our usual slot in the morning here in CET. So thanks for joining us today and let's see you again very soon. Bye, Joe. Thank you, everyone. Have a good day. Nice evening.