Chinsay and Veson Nautical have announced a new strategic collaboration to integrate the companies’ solutions to streamline contract processes, increasing agility and optimising efficiency throughout the entire commercial marine workflow.

The integration of Chinsay’s ICP.Freight (Intelligent Contract Platform for Freight) and Veson’s VIP (Veson IMOS Platform) will allow data to seamlessly flow between the two platforms, enabling clients to gain greater visibility into the important commercial contract terms that impact the P&L and execution of the voyage. This includes the calculation of demurrage and claims, thereby giving clients more control and enabling them to minimise risk.

Charter party details created in ICP.Freight will 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 organisations that use both systems can leverage the connection with minimal setup.  

Future workflows and system integrations include modelling voyage estimates in VIP and feeding that data into the ICP.Freight trading module. The companies will also enable navigation directly between VIP and ICP.Freight to access execution and contract information in a streamlined manner.

Clients will benefit from a seamless integrate of end-to-end contract lifecycle, from negotiation, to execution, and settlement. Other benefits include:

• Integration of main terms data points to reduce data re-entry, eliminate errors and system inconsistences
• Leveraging master data to improve data quality and ensure single source of truth
• Acceleration of trade capture and mitigation of financial and operational risks
• Reduced application switching and creation of a consistent experience

“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,” said Colin Hayward, CEO of Chinsay.

Jere Richardson, CCO of Veson Nautical commented: “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 organisational workflow.”