The latest phase of programme supporting the automated issuance, management, trading, clearing and settlement of warehouse receipts for soft commodities
London, Lilongwe 19 May 2016. GMEX Technologies (GMEX TECH), part of the GMEX Group and Avenir Technology Limited (Avenir), the UK based post-trade software firm, today announced phase 2 of the project to implement the warehouse receipt system, AvenirWRS, is live at the Agricultural Commodity Exchange for Africa (ACE) in Malawi.
This latest project phase delivers warehouse receipts creation, management and financing. Associated activities include enhanced contact management and accounting functions for warehouse charges and fees. The solution also extends SMS messaging, documentation and auditing functionality.
The implementation follows the successful launch of the contact database functionality, in February in phase 1, allowing operators and agents (e.g. farmer cooperative societies, brokers etc.) to set-up and maintain a database of farmers who are interested in taking part in the warehouse receipt arrangements immediately or in the future. Phase 3 of the project will introduce electronic trading of warehouse receipts during Q3 2016.
The new system integrates the functionality of the existing ACE systems and processes into a high performance, agile, scalable technology platform. In addition to the traditional warehouse receipt systems which tend to focus on the depository function, ACE has evolved systems and processes which are custom-designed for frontier markets integrating depository services with pricing, financing, trading and information vending solutions.
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