Blockchain Startup Crowdz Teams With Barclaycard To Digitize B2B Supply Chainbr>
Barclaycard, a division of Barclays Bank UK, is a multinational credit card and payment services provider. It helps consumers, retailers and businesses to make and take payments flexibly, and to access short-term credit and point of sale finance. Barclaycard claims to have over ten million customers in the United Kingdom.
Founded in 2014, Crowdz claims to be the first company in the world to build a B2B ecommerce transaction network based on blockchain and artificial intelligence. The network provides “supply chain as a service.” Crowdz uses blockchain and IoT technologies to create an enterprise-level credit and value delivery system that helps small- and medium-sized enterprises to access supply-chain financing services in a timely manner, thereby enhancing their competitiveness in an increasingly complex and challenging global supply chain system.
Earlier this year, Crowdz took part in Barclays’ 2018 Accelerator program designed to fast-track the next generation of FinTech businesses, while also bringing innovation and application opportunities to Barclays. After the program, Barclaycard signed an agreement with Crowdz to help the startup turn its proof-of-concept (POC) into a fully-functioning ecosystem.
Under the agreement, Barclaycard’s payment gateway will be integrated into Crowdz’s platform. They will then test the marketplace with a small group of clients to measure its impact on their business and refine the platform’s capability to suit real-world needs. This will take place over 24 weeks, with measurements taken of the buyer and seller customer experience, viability as a value-added product and the quality of the commercial model. If successful, the trial will be expanded in the commercial space.
“The B2B payments space is a huge potential area of growth and this proof of concept is about learning the requirements of operating successfully in this space,” said Nick Kerigan, MD, future payments, Barclaycard Payment Solutions.