Freight tech integration enables voyage data flow

Chinsay and Veson Nautical, leading technology companies in the shipping and commodity industries, are announcing today their new strategic collaboration, which will result in the integration of their two systems, ICP.Freight (Intelligent Contract Platform for Freight) and VIP (Veson IMOS Platform). The native connection of the two platforms is significant because it will now allow users to minimise risk by streamlining the contract process, increasing agility and optimising efficiency throughout the entire commercial marine workflow.

The integration allows for data to seamlessly flow between the two platforms, enabling clients to gain greater visibility into the important commercial contract terms that will impact the P&L and execution of the voyage, such as the calculation of Demurrage and Claims, thereby giving clients more control and enabling them to minimise risk. Charter party details created in ICP.Freight become instantly available in VIP, while VIP data can be used as master data in the Chinsay system, ensuring smooth and accurate interoperability. This functionality is available out-of-the-box for joint clients of Veson and Chinsay, meaning organizations that use both systems can leverage this native connection with minimal setup.

How it works:

•Create your Voyage and Time Charter contracts in ICP.Freight using your VIP Masterdata.
•Push main data points of your Voyage or Time Charter contracts from ICP.Freight into VIP, approve the details in a dedicated operations inbox and trigger the creation of your Cargo and Time Charter contracts with pre-populated data.

Planned future workflow and further systems integrations include:

•Modelling voyage estimates in VIP and feeding that data into the ICP.Freight trading module.
•Navigate directly between VIP and ICP.Freight to access execution and contract information in a streamlined manner.
Benefits to joint clients:
•Seamlessly integrate your end-to-end contract lifecycle, from negotiation, to execution, and settlement.
•Integrate main terms data points to reduce data re-entry, eliminate errors and system inconsistences.
•Leverage master data, to improve data quality and ensure single source of truth.
•Accelerate trade capture and mitigate financial and operational risks.
•Reduce application switching and create a consistent experience.

Colin Hayward, CEO of Chinsay, said: “Our partnership with Veson builds on our mission to create a collaborative freight ecosystem, providing stronger value to our clients by unlocking data and reducing manual processes. The collaboration is an important milestone for the industry, with two leading technologies working together with clients to bring greater efficiency to the market by introducing new ways of working. Our integration was a natural development for the industry as many clients use both our systems and have expressed an interest in the seamless data flow we are now providing.”

Jere Richardson, CCO of Veson Nautical, said: “As we pursue our vision to be the standard platform that propels maritime commerce, it is important that we allow Veson clients the ability to extend their virtual maritime workflow by offering seamless connections with the other systems that power their workflows. By forming strategic partnerships with fellow innovators in the industry, such as Chinsay, we can empower our respective client communities with deep, data-driven connectivity to reduce manual processes, unlock powerful insights, and achieve true continuity across their entire organizational workflow.”

The addition of Chinsay to the Veson Partner Network is the result of the companies’ shared vision of collaborating with other technology providers to deliver a comprehensive solution to what used to be a siloed way of working caused by a multitude of incompatible software. The integration will empower joint clients with actionable insights into their business and a seamless way of collaborating with market participants while managing their risks.