ICE launches ICE Digital Trade Documents for energy industry
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of data, technology, and market infrastructure, today announced the launch of ICE Digital Trade Documents (ICE DTD) for the energy industry, a highly configurable solution digitizing post-trade and shipping processes for physically delivered commodities including oil, gas and petrochemicals.
The launch follows a series of successful trials conducted for shipments of refined products within Asia Pacific.
ICE DTD offers terminal and refinery operators in the energy industry a way to digitize the communication and documentation transmitted between stakeholders at the point of delivery or receipt of the cargo. It can be easily configured and adopted, enabling operators to manage and visualize all communication between vessels and terminals, as well as assist with managing loading and discharge instructions, ship to shore safety documentation, and generating shipping and trade documentation.
“ICE was founded with a mission to transform analog industries through digitizing processes,” said David Farrell, Chief Operating Officer of ICE Futures U.S. “For our terminal and refinery customers, every minute spent in the process of ships arriving and leaving terminals is valuable. ICE DTD digitizes complex, fragmented, and paper-based processes, offering the energy industry the potential to save hours per shipment, and in doing so save time and cost.”
By digitizing these processes, ICE DTD brings increased transparency and collaboration across the many different participants involved in the physical delivery of commodities. It helps shippers and operators avoid what can become costly errors and delays, as well as achieve substantial time savings per shipment, and help maximize the amount of goods that can be delivered at the terminal.
Terminal and refinery operators can quickly automate workflows to their specific requirements, with ICE offering self-administration and configuration, combined with open APIs to enable operators to define, implement, and adjust their workflows directly themselves.