Posted By Gbaf News
Posted on May 21, 2018
Payments leader partners with HSBC, Santander and major banks to attack $9 trillion global commerce problem
Tradeshift, the leader in supply chain payments and marketplaces, today launched an industry first: becoming the only cloud platform to bring supply chain payments, supply chain finance, and blockchain-based early payments together into one unified end-to-end solution, Tradeshift Pay. With these innovations, Tradeshift takes aim at a $9 trillion problem–namely, the global capital trapped in accounts receivable as a result of archaic payment practices and the digital disconnect between large business buyers and their suppliers.
Tradeshift brings the first end-to-end supply chain payments and finance solution to business commerce with Tradeshift Pay. 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-based payments.
“In an industry where 50% of US payments are check-based and companies around the world struggle to access finance and payments, Tradeshift Pay is a real enabler for the digitally connected economy,” said Christian Lanng, CEO and Co-founder, Tradeshift. “For the first time, businesses can go to one single wallet to handle all their payments, end-to-end, across all channels. And for the first time, you can do both regular and blockchain-based early payments in one platform in the cloud.”
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. 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.
Vinay Mendonca, Global Head of Product and Propositions, Global Trade & Receivables Finance at HSBC said, “Modernising trade and supply chain solutions is a strategic priority for HSBC. We are investing heavily to enable simpler, better and faster experiences for clients. Our partnership with Tradeshift allows us to provide fully digitised and automated working capital propositions across the entire supply chain ecosystem, supported by the breadth and depth of our global network. We are really excited to offer our clients a full range of integrated propositions across the financing and payments spectrum.”
As the first truly multi-finance solution, Tradeshift Pay is supported by more than a dozen major banks and card providers, including HSBC, Santander, and CreditEase.
As the market leader in supply chain payments, including accounts payable automation, e-invoicing, and global tax compliance solutions, Tradeshift brings a history of innovation to the growing B2B payments market, which is expected to reach $2.2 trillion globally by 2020. Tradeshift has already seen massive growth over the last few years in the category of supply chain payments and today processes as much trade as Bitcoin and Ethereum combined.
