Blockchain-Compatible Payments System Launched By Tradeshiftbr>
Business commerce platform Tradeshift has launched a unified cloud-based supply chain payments and finance solution that is compatible with blockchain technology.
Founded in 2010, Tradeshift is a business commerce platform that connects buyers and sellers. It offers solutions for procurers to pay, supplier engagement, and financial services, and enables companies and partners to build custom or commercial apps on its platform. It claims to connect over 1.5 million companies across 190 countries, processing over half a trillion USD in transaction value.
The new product, called Tradeshift Pay, will bring supply chain payments, supply chain finance, and blockchain early payments together into one unified end-to-end solution. Using a single unified wallet, buyers can take advantage of a wide range of payment options, including virtual card payments of invoices and purchase orders, dynamic discounting, supply chain finance through bank partners, or blockchain payments.
The company said it is taking aim at a $9 trillion problem, which is the capital trapped in “accounts receivable” as a result of archaic payment practices,and the digital disconnect between large business buyers and their suppliers.
“With a platform that works both on and off blockchain, businesses can give smaller unbanked business and companies access to electronic payments and finance anywhere in the world,” the company said. “And companies can get paid much faster–from an average of 30-45 days in EU and US down to a couple of days–helping address the $9 trillion supply chain liquidity problem.”
The new end-to-end supply chain payments and finance solution is supported by more than a dozen major banks and card providers, including HSBC, Santander, and CreditEase.
Vinay Mendonca, Global Head of Product and Propositions, Global Trade & Receivables Finance at HSBC said that modernizing trade and supply chain solutions is a strategic priority for HSBC.
“Our partnership with Tradeshift allows us to provide fully digitized and automated working capital propositions across the entire supply chain ecosystem, supported by the breadth and depth of our global network,” said Mendonca.