Three-and-a-half years after inception, Komgo has become the most widely adopted digital trade finance platform in the market actively used by more than 200 banks and trading companies globally, including MUFG EMEA's largest clients.
MUFG is proceeding with the global deployment of the platform in collaboration with Singapore and NY branches. Furthermore, Komgo is now well positioned to leverage on its success in the commodity space and roll out the platform to the wider trade finance industry.
As part of this deployment, MUFG has begun to utilise Komgo's Trakk service to secure digital documents. Trakk is a tool to manage operational risk in trade finance, by helping raise alerts and detect fraudulent documents as early as possible.
Trakk allows users to register, trace and authenticate digital documents. It ensures that any action that is registered on a document is linked to both the company and the individual authorised to perform the action.
Once a document is registered on Trakk, users can add activities that they've performed against it such as "certified", "financed" or "paid. This builds a real-time, electronic audit trail against a document, and gives extra visibility on its status.
Trakk builds trust between counterparties, contributing to a safer and more secure trading environment. MUFG clients and partners can verify for themselves any Trakk registered document using the verification tool below.