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.
“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.