Citrusxchange launches blockchain platform for supply chain and invoicing
Citrusxchange Inc., a Canadian Fintech start-up company, has launched its Blockchain based platform for supply chain and invoice financing.
The company's platform caters to small and medium enterprises seeking supply chain financing and invoice financing.
Its platform was developed under the prestigious Co-Innovation Lab Program of SAP SE Germany.
Accessible to customers under the name "Kwikxchange," the company is set to expand into India, Kenya, Indonesia and UAE, and will further its operations within North America as well.
Kwikxchange offers a seamless and convenient way for on boarding borrowers and is significantly faster than the conventional methods used to apply and submit requirements for supply chain and invoice financing products offered by various banks and other finance companies.
SMEs are not only able to get near-instant access to financing but are able to better focus on running their business as well. A seamless connectivity to credit agencies supports the quick on-boarding process with detailed credit reports.
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An inbuilt scoring engine does a quick calculation of the forecasted business enabling underwriters to make quick decisions.
“SMEs are the backbone of global economies with a credit gap of around $2 trillion. The platform will help further boost the growth and competitiveness of SMEs globally and in turn enable them actively participate in the growing digital economy worldwide,” said a spokesperson.
The new platform enables banks and non-banking finance companies to digitally transform, in turn helping to bridge the divide for businesses all around the globe.
Digitisation levels the playing field for all and opens new opportunities for everyone to take part in the growing modernization of economies around the world.
The company plans to enhance the platform functionality in the next six months and hopes to assist in decision making for lenders using smart contracts, artificial intelligence and machine learning.