LLC IT Office, a member of Acron Group, has developed and launched a solution for registering over-the-counter (OTC) contracts. Over 12,000 contracts and supplementary agreements for the supply of mineral fertilisers to Russian growers have already been entered into the system.
From 1 September 2022 onwards, all transactions involving phosphorous-, nitrogen- and potassium-containing fertilisers exceeding 20 tonnes must be registered on the Saint Petersburg International Mercantile Exchange (SPIMEX) website.
Designed for registering OTC contracts through a web service, the solution was developed from scratch on the 1C platform. It is intuitive and fast, containing specialised directories and documents required for registering contracts and supplementary agreements.
A major challenge for the developers was digital data signing: since standard 1C tools were not suitable for this purpose, SPIMEX kept rejecting entered data during testing. However, IT Office overcame this difficulty and rolled out the programme just in time.
Denis Guzanov, CEO of LLC IT Office, said, ‘This is one of those projects that rarely make headlines, but are crucial for sustainable and scalable contracting. A system that meets exchange requirements for transparency and legal accuracy must be impeccable, and we have developed just that’.