Chinsay’s ICP (Intelligent Contract Platform) has been selected by Rio Tinto for its commercial digital contract needs. ICP was chosen for its ability to digitalise end-to-end trade workflows and for the creation, approval and issuance of contracts, and will be used for Rio Tinto’s commercial businesses.
Colin Hayward, CEO of Chinsay, said: “We are very pleased to be working with Rio Tinto and helping them with their digitalisation efforts. ICP will be enabling the digitalisation of their workflows, creating transparency and giving Rio Tinto the ability to make the process more efficient.”
Chinsay’s platform enables Rio Tinto to integrate trading data into Blockchain technology whilst also increasing process efficiency. For what is possibly the first time in the commodity markets, authorising trades on a mobile phone that are fully compliant within the policy of the organisation is now enabled by ICP. This is valuable in the current climate where Covid-19 has pushed companies to work remotely as it allows teams to operate efficiently from any location.
“Contract Lifecycle Management goes beyond the creation and administration of contracts,” said Peter Hopp, General Counsel Commercial of Rio Tinto. “By utilising unique blockchain technology, we are able to create and integrate financial, shipping and other transactional documentation to enhance the experience of our customers and suppliers in a seamless way. We have chosen Chinsay as a technology and development partner because of its thorough understanding of the commodities market, transaction flows, and a demonstrated unique approach to customer centricity.”
Chinsay leads the market in sophisticated contract dataset technology for commodities; ICP provides end-to-end trade data capture and automation of contract issuance, from the start of the process, through to completion. This contributes to significant downstream operational efficiencies and, through the digitalisation of the contract process, dramatically reduces time spent on contract issuance.