Blockchain Trade Finance Platform Integrated By Russian Food Retailer Dixybr>
Dixy, Russia’s third largest food retail company, has integrated a recently launched ethereum-based trade finance platform to its corporate finance system.
The ethereum-based trade finance platform, developed by Russian blockchain startup Factorin, will allow Dixy’s suppliers to receive payments within one business day, which is way shorter and faster compared with the previous 2 weeks. Factorin claims that the platform sufficiently facilitates verification processes, as well as minimizes manual labor and associated risk. The platform has also formed a connection with various banks, including Alfa Bank, Bank National Factoring Co., and Pervouralsbank, and factoring companies, such as GPB-Factoring, on a single interface.
Dixy said that it is now moving all its factoring-dealing suppliers to the Factorin platform, which has been in pilot phase since December 2018 and has conducted a total of 12,000 test transactions over the period.
“Tech visionaries like to thrill the public with the stories of the beautiful future, but in reality, top management in any company wants to see better results not in a couple of years but as soon as possible,” said Julia Zhuvaga, CFO of Dixy. “This platform allows us to see the change here and now.”
Dixy is the Factorin platform’s first major client, but Factorin co-founder Andrei Maklin ensures that the food retail company will not be the last.
“Working with Dixy for us became an example of innovation in the large companies,” Maklin said in a statement. “We have ambitious plans for retail and other industries.”