Tradeshift rolls out blockchain supply chain payments

By James Henderson
Supply chain payments company Tradeshift has launched what it says is the only cloud platform to bring supply chain payments, supply chain finance, and...

Supply chain payments company Tradeshift has launched what it says is 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.

Tradeshift said it is “taking aim at a $9trn problem”, specifically 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.

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.

SEE ALSO:

“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.”

In a release, Tradeshift said: “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 $9trn supply chain liquidity problem.”

Tradeshift Pay is supported by more than a dozen major banks and card providers, including HSBC, Santander, and CreditEase.

Share

Featured Articles

IBM CSCO & COO survey shows tech & sustainability key areas

IMB Institute for Business Value (IBV) study surveyed 1,500 CSCOs and COOs, and they are ramping-up investment in automation, AI and sustainability

Suppeco and Market Dojo partner on e-sourcing solution

Supplier relationships platform Suppeco & digitised procurement solution Market Dojo join forces to provide embedded on-demand e-sourcing service

Pitney Bowes Index shows China breaks 100bn parcels barrier

Latest Pitney Bowes Parcel Shipping Index Global shows parcel volume hit 159bn in 2021, or 5,000 parcels per second, with total carrier revenue of $491.5bn

CPG packaging supply problems sees Lidl buy paper mill

Supply Chain Risk Management

CPG & retail IT talent quest 'is driving tech investment'

Digital Supply Chain

Value chain, tech, logistics and procurement news round-up

Technology