SINGAPORE, June 13, 2019 /CNW/ -- At the World Customs Organisation IT/TI Conference and Exhibition held in Baku, Azerbaijan, GeTS (Global eTrade Services), a global Trade Facilitation Platform (TFP) company and a subsidiary of CrimsonLogic (a provider of digital government solutions, products and services), introduces a new concept in global trade -- Single Window Mesh, that will automate trade declaration services, enables 360-degree risk assessment, and precise duty calculations.
Currently, trade facilitation is conducted via a TFP -- a one-stop platform that manages and facilitates trade processes between Government and the trade communities. However, the trade facilitation process is still very much government-driven; with the government organisations taking on the responsibility and making the investment to facilitate trade. As global trade gets more dynamic, there is increased convergence of interests between governments and businesses. For example, both governments and businesses share strong interest to address trade security, as the lack of it will negatively impact the economy and profits. The convergence of interests is encouraging businesses to be more willing to share and push data to governments, in which the information can be potentially used by the governments to enhance trade security.
With Single Window Mesh, it leverages on technology to lower the barrier for governments and businesses to better share data and collaborate digitally. It uses technologies such as AI-powered (Artificial Intelligence) RPA (Robotic Process Automation), blockchain and neural network algorithm to dynamically crawl, aggregate and co-relate structured and unstructured data across the entire trade eco-system, to use data at source effectively. It will consolidate and analyse data retrieved from transactions in real-time, fulfilling part of trade declaration process automatically and dynamically based on users' trading intent. This in turn ensures automatic and accurate Customs compliance and precise duty calculations for every specific trade. The accuracy of the Single Window Mesh can also compile a 360-degree risk assessment for Customs and related government agencies to mitigate the dangers of high-risk cargoes and lower the chances of unforeseen events.
Currently in development, Single Window Mesh will be added onto GeTS' CALISTA™. CALISTA™ is an interoperable, neutral and trusted B2G platform that enables supply chain orchestration across the world. With Single Window Mesh to be seamlessly integrated to CALISTA™ in the future, it will allow Traders to expedite cargo clearance at all ports, by fulfilling compliance requirements accurately and efficiently.
Kenya Trade Network Agency (Kentrade), a user of a Single Window developed by CrimsonLogic, is slated to be the first partner to pilot the Single Window Mesh on their national TFP.
Mr Chong Kok Keong, Chief Executive Officer of GeTS said: "As eCommerce and the Internet of Logistics growing at an unprecedented rate, we want to show a new of doing trade, and with Single Window Mesh as a break-through innovation on our growing CALISTA™ platform, that will make trade even more accessible, predictable and easier."
About Global eTrade Services
Global eTrade Services (GeTS), a global leading trade platform company, is shaping the future of trade and supply chain with its innovative use of technology and deep G2B and B2B domain expertise. GeTS enables the orchestration of physical logistics, compliance and financial requirements of trade and supply chain seamlessly, smartly and securely, thus powering global trade by making it accessible, predictable and easier to fulfil. The company has linkages to 26 Customs nodes across the world, with more than 176,000 connected parties and conducting more than 18 million transactions annually.
SOURCE Global eTrade Services
For further information: Francis Huan, CrimsonLogic Pte Ltd, +65-6887-7173 / +65-9820-5994, [email protected]; Lim Tsu Ern, FleishmanHillard Singapore, +65-6424-6369 / +65-9137-7991, [email protected], https://globaletrade.services