TotalEnergies Trading & Shipping markets crude oil and refined products for the TotalEnergies company, ensuring supply to refineries and subsidiaries worldwide.
The global team of more than 700 employees spans 120 countries, charters 2’500 voyages a year and moves 6 million barrels per day.
Their experienced logistics and safety professionals cover the entire oil market supply chain from physical and derivatives trading, risk management, maritime transport, logistics and supply chain management, and analysis and forecasting.
They are active in countries with varying geopolitical risk, where they often work with new counter-parties with whom they must share invoices and payment instructions.
Electronic invoices are vulnerable documents which can be easily intercepted, altered and changed.
Indeed, invoices are a common target of cyber-fraud with instances of such attacks in the energy sector rising.
TotalEnergies Trading & Shipping wanted to leverage best-in-class technology to provide customers with more secure invoices, helping to anticipate and mitigate risk for their business.
An important requirement was that they didn’t need to change the process nor add additional burden to the operators, which would cause them to lose time.
They wanted a simple process, that could be applied the same way for all their entities, and which would require no change management.
“Our main goal was transparency for the business, to ensure that our customers receive only genuine information from us.
We also wanted a simple process that could be scaled-up and implemented by all TotalEnergies Trading & Shipping entities.”
Olivier Collon, CTO
TotalEnergies Trading & Shipping
TotalEnergies Trading & Shipping integrated Trakk with their internal invoicing system through a project supported by Komgo’s Professional Services team.
A more bespoke component of this integration was that invoices would be hashed locally (within their system) so that only the hash of the document would be sent to Trakk for inclusion in the ledger.
The implementation leveraged on Komgo’s open API architecture to deliver a user-friendly and scalable solution which was integrated to their existing invoicing system, ensuring that users didn’t need to change their habits or take on any additional tasks / workload.
Komgo’s Trakk solution delivers secure digital documents which can be exchanged between multiple parties via email or other electronic means.
It ensures the origin, authenticity and accuracy of a document, and generates a clear audit trail of actions performed against it – which all parties can see in real-time.
Trakk is powered by Komgo’s trusted digital network, where all actors (firms and individuals) have been onboarded and assigned a verified digital identity.
This ensures that any action registered on a document is linked to both the company and the individual authorised to perform the action.
Through a fast and easy to manage implementation, TotalEnergies Trading & Shipping has achieved their primary objective in terms of securing the majority of invoices leaving the business.
They also wanted to make it as easy as possible for their customers to verify those invoices: verification is an important step for counter-parties to ensure that the information communicated through the invoices is genuine.
To support the verification process for their customers, TotalEnergies Trading & Shipping have installed a Trakk widget on their website where anyone can verify their invoices via simple drag and drop. No onboarding nor login is required, making the process accessible to all.
“Overall, it was very satisfying to work with Komgo’s Professional Services team.
The implementation was very straight-forward. The resulting time to production was as short as possible, and there was no training of users required.
For the users in charge of invoicing, they follow exactly the same process as they did before. There’s no additional time burden on their side, and the change management is zero.”
Olivier Collon, CTO
TotalEnergies Trading & Shipping
