Intercontinental Exchange Inc (ICE), a global provider of data, technology and market infrastructure, said on Wednesday that ICE Benchmark Administration Limited (IBA) would collaborate with Meridia Land B.V. to launch the ICE Commodity Traceability service (ICE CoT).
ICE CoT is a technology platform aimed to ensure the frictionless trade of physical cocoa and coffee by supporting these segments’ compliance with the European Union’s Deforestation Regulation.
The platform is designed to automate the process of submitting, storing and validating the information required for cocoa and coffee operators and traders to demonstrate compliance of their products with the regulation.
“Meridia have proven expertise in the risk assessment and verification of farm origin and supply chain data, and its methodologies and technology will be embedded within ICE CoT to provide robust validation for farm and traceability data provided by cocoa and coffee traders and operators,” Clive de Ruig, President of IBA, said in a press release.
“Customers will be able to register and validate parcels of beans and products in ICE CoT, which can be maintained and tracked as they are traded, divided and processed along the supply chain. ICE CoT will provide continuous and independent validation of the traceability data from the initial parcel to its ultimate use or export, giving confidence to operators and traders of the quality and compliance of the data underlying the product,” de Ruig added.
The EU is the largest market for both cocoa and coffee globally.