OQ Trading (OQT) has become one of the first corporates to nominate Komgo as Digital Agent on their flagship borrowing base managed by ING, following renewal of the facility in mid-June 2021.
Following successful deployment of Komgo’s ‘Konsole’ and ‘Trakk’ solutions, OQT has invested in further data activation via Komgo’s professional services team, to enable more automated and intelligent functionality at scale across their trading business.
The first implementation will automatically generate and send to ING the relevant Notice of Assignment (NOA) based on data embedded in sales invoices, without any human intervention. This application will be scaled to 80% of the trade portfolio by mid-2022, for an estimated 8 man hours saved per week. A similar setup is deployed for the generation of utilisation requests on the purchase side.
OQT’s invoice’s will also be registered on Track, adding extra comfort and security by enabling counterparties to verify their authenticity on OQT’s website rather than call-back. Trakked documents can be given extra status through the addition of verifiable counterparty activity to create a digital audit trail and real-time visibility on a document’s status.
Our objective is to lead the industry in terms of efficiency and sustainable value. For many of our banks and partners, this value comes through increased security and reliability of data, the ability to automate tasks and report on demand. Komgo’s Digital Agent is gathering verified data from across their trusted network to provide highly contextualised reporting and supplementing existing data flowing from our internal systems.— Sam Naylor, CFO, OQ Trading
OQ Trading has successfully established a global presence as one of the world’s major participants in the commodities trading industry – trading approximately 30 million tonnes of energy products each year.