How TradeCloud Enables Communication with off-Platform Counterparties.

At TradeCloud, we are obsessed with streamlining communication for commodities companies. This is a complex task that includes multiple stages in the lifecycle of a physical trade, from deal origination to managing logistical functions with third-party service providers, often involving 3-way communication between stakeholders with their own unique set of processes, priorities and constraints.

Prospective customers often ask us how easily they can integrate TradeCloud into their existing workflows, and importantly whether our platform is effective only if all their counterparties are also registered users. Their worry is that the efficiency gains from using TradeCloud may be offset by the extra effort required to coordinate with counterparties who don’t participate.

This is a valid concern, and a problem that already exists in much of the industry. We often hear customers complain that they already use multiple different communications tools, and ensuring synchronisation between them can be a headache. Such disjointed communication can also lead to discrepancies in understanding, and cause disputes as to which version of an agreement or commitment is definitive. In fact, this is a core problem that TradeCloud addresses, by offering a purpose-built platform where users have access to a single source of truth.

Nonetheless, we knew we had to solve the challenge that some of our customers’ counterparties may not register for TradeCloud, and have incorporated functionality that addresses this reality without compromising user experience. Here is a list of features that bridge this participation gap, and enable users to carry out their business with off-platform counterparties:

  • Sending offers and requests for supply – Our pre-trade applications, TradeCloud Metals and TradeCloud Energy, contain an ‘invite non-members to bid’ feature. This enables users to send deal terms to 125 counterparties’ email addresses. These counterparties can then enter negotiations as guests, without needing to register as TradeCloud members.
  • Chat to email – Users can send messages to third-party service providers via our in-platform chat. The recipient will receive the message as a link in their email inbox, and clicking the link directs them to a reply-box. This process retains the ease and familiarity of replying to regular emails, and involves the same number of steps.
  • Block to email – the TradeCloud Commodities Web, our post-trade application, enables users to communicate directly with counterparty email addresses. Communications are categorised and organised, maintaining consistency and ease of access regardless of whether the counterparty is a TradeCloud user.

So rest assured, you won’t have to sacrifice the efficiency and visibility benefits of TradeCloud, even if not all of your trading partners are onboarded. Reach out for a demo of these features and see the benefits for yourself!