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  • QA 020
    Question:
    Can exporters access NYBOT's Electronic Commodity Operations System: eCOPS?
    Background:
    We read in 06.01.04 (eCommerce and Supply Chain Management) that once an electronic Bill of Lading joins the list of electronic documents, then exporters will be able to link into the system, thereby reducing the financing cycle and costs. Will eCOPS be accessible to exporters anywhere? If yes, how would one go about this?
    Asked by:
    Exporter - Tanzania
     
    Answer:

    Currently only the largest coffee exporters are using the eCOPS system. This is due to the fact that at present eCOPS can only issue Electronic Warehouse Receipts in coffee consuming countries. As of now, coffee is receipted in eCOPS in the following ports: Bremen, Hamburg, Antwerp, Houston, Miami, New Orleans and New York. To date eCOPS has outstanding Electronic Warehouse Receipts covering 4.5 million bags of coffee. The value of this coffee is in excess of  $ US 800 million, mostly financed by the major international commodity finance banks.

    The expectation is that soon the eCOPS service will also be offered to smaller coffee exporters through the issuance of the Electronic Bill of Lading for coffee. eCOPS is currently working with major shipping lines on all technical and legal issues to create a true E Blading that will be acceptable for all the coffee shipping and banking community.

    The Electronic Bill of Lading actually consists of two major documents written in XML (Extensible Markup Language) Internet Standard. The first is the "Shipper Letter of Instruction" that the shipper can send to the Carrier to instruct where and how to ship the coffee. The Carrier in turn, receives the instructions, verifies the shipment, and then uses the same XML protocol to issue the Electronic Bill of Lading. The shipper can then present the eBlading to his buyer or bank on the same day for payment.
     
    The requirements for an exporter to connect to eCOPS are:

    1. Fill out an application
    2. Sign a user agreement
    3. Have a computer with an Internet connection.

    For more visit www.theice.com and click on eCOPS.

    Posted 16 May 2005

     

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