Tradeshift Unveils a Payment Solution
Just four months after launching their innovation incubator, Tradeshift –the largest business commerce platform in the world– partners with Santander, HSBC as well as ten other leading banking groups and card issuers on rolling out a universal payment and financing solution for businesses.
The offer called Tradeshift Pay encompasses supply chain payments, supply chain finance, and Blockchain-based payments from a single platform: the first end-to-end Cloud platform for supply chain payments and finance.
Tradeshift Pay will allow customer companies to pay their suppliers while avoiding risks for their available cash flows since they will rely on virtual credit cards, dynamic discounting and Blockchain-based payments. The transactions are listed in a public distributed ledger ensuring customers’ eligibility for the supplier and full transparency.
Tradeshift connects over 1.5 million companies across 190 countries. This group now bets on this turnkey solution and Blockchain technology to attract even more companies, including smaller unbanked business.
Comments – Blockchain-based financing for supply chain payments
According to a study conducted by PWC, optimising cash management processes is a priority for 77% of the financial directors. This explains why more dedicated solutions are seeing the day. Just like Tradeshift, several players rely on next-generation technologies to stimulate innovation with supply chain needs and payments in mind. OpenText, for instance, partnered with BlockEx on developing a Blockchain-based supply chain finance solution. The point is similar: helping customer companies become more profitable.
Tradeshift’s solution is being presented just a few months after they launched their innovation incubator, the aim of which is to allow them to have a greater impact on BtoB commerce and supply chains worldwide. The Blockchain was among technologies considered from start by their Frontiers innovation lab, and a first use case is now hitting the market with Tradeshift Pay. Other prototypes focusing on asset management or transparency in the supply chain are considered, highlighting opportunities for their platform.