In 2018, a group of leading global agribusinesses came together with a goal of employing cutting-edge digital technology to modernise global agricultural shipping transactions for the benefit of the entire industry. Today, the Covantis initiative is proud to announce the launch of its revolutionary platform.
“Two years ago, we set out on a journey to transform a system of global trade that had changed very little for the last century. It’s been an exciting process, as we advanced from identifying this crucial need, to working with industry participants across the supply chain to explore and understand the needs of the market, to actually building a secure and trusted digital network. Today, we’re proud to launch our industry-changing digital platform in time for the beginning of the Brazilian export season. We look forward to working with our partners to use this technology to enhance efficiencies and reduce operational risk in that first key market,” said Petya Sechanova, CEO of Covantis.
Covantis – which was incorporated as an independent legal entity in Geneva, Switzerland, in March 2020 -- partnered with market leading technology providers as ConsenSys (//consensys.net) – its leading technical supplier, as well as Microsoft and Cognizant to leverage their solutions and services to deliver the innovative, best-in-class technology platform to transform global trade operations for agricultural commodities.
The initial scope of the technology covers the shipment and execution of bulk commodities as corn and soybeans from Brazil to any worldwide destination, optimizing export trade execution processes by connecting shippers, traders and charterers.
Initial users of the platform include Covantis’s founding members: ADM, Bunge, Cargill, COFCO, Louis Dreyfus Company and Viterra with hundreds of users from over 30 entities around the world who have been trained and onboarded virtually. In the coming months, Covantis will be working to enlarge its network of participating companies and onboard the majority of industry players active in these flows.
The company will continue investing in building new capabilities that increase the value for its clients from origin to destination thus creating a global network for execution of bulk commodities.
