A first Worldwide Tr@de Direct, a Unified and Multi-Bank Solution in the service of the dematerialization of Documentary Credits and related operations via PortNet

21 November 2018

Faithful to its constant dynamic of innovation, keeping a close ear to its community and its customers, and in the continuity of the integration strategy’s implementation, on behalf of the cross-border trade operators, of all the stakeholders of the supply chain, PORTNET S.A., combines its efforts with those of its partners in the Moroccan banking sector for the development of an unprecedented solution for the dematerialized management of documentary credits via the single window platform.

Named Tr@de Direct, the result of this strategic alliance will be a unified, multi-bank, multi-user platform open to companies operating in the import / export sector. It will allow both banks and PortNet users better management, taking advantage of end-to-end dematerialization of the entire life cycle of Documentary Credits, Letters of Credit, Standby Letters of Credit, Documentary Remittances, as well as some non-documentary operations.

Tr@de Direct offers many advantages to the bank, economic operators and their partners by allowing:

  • the standardization, harmonization and unification of the processes for handling the aforementioned operations. It will have certain consequences on the efficiency, costs and processing times for all the actors concerned;
  • a consolidated multi-bank view of documentary transactions for companies operating with several banks;
  • to enhance competitiveness and the level of digital maturity by providing SMEs- VSEs with an electronic customer centric platform open to several banks, public and private partners;
  • to offer the entire ecosystem, a practical and innovative way to collaboratively and digitally contribute to the processing and monitoring of the data and documents necessary for the accomplishment of operations, while avoiding to each party the reintroduction of a document or the entry of data previously supplied by a party ;

As such, the announcement of the launch of the study for this new platform’s implementation was made during the opening ceremony of the 4th Edition of the Annual Conference of the Single Window PortNet held in Casablanca on November 12, 2018 under the theme: "The Single Window: Public and Private Community Intelligence Serving Your Integrated, Efficient and Innovative Supply Chain". Partnership framework agreements have been ratified between PORTNET S.A. and the three banks carrying this initiative, namely AWB, CIH Bank and Crédit du Maroc.

This partnership is also part of the united efforts of the signatories to promote inclusive cooperation, aiming to improve the competitiveness of companies and improve the country's business climate.

About PortNet:

The PortNet Single Window currently has more than 33,000 customers and offers its dematerialized services to a community of more than 40,000 users throughout the country. The PortNet platform, which has become an essential accelerator for the community’s integration for the whole cross-border trade logistics chain of Morocco, was first deployed at the Port of Casablanca, in March 2011, by the National Ports Agency (ANP). It has since been generalized by PORTNET S.A. to all commercial ports managed by ANP and to other foreign trade processes since 2012.

Press Contact:

Ms. Jihane Bentahra : jbentahra@portnet.ma