Standard Chartered takes TradeIX and Infor route for digital trade finance drive
♫ Could be, we three get along so famously, ’cause you two have me, and I have ‘You Two’ too ♫
Standard Chartered is using TradeIX’s TIX blockchain platform and Infor’s GT Nexus Commerce Network for two separate digitalisation efforts in trade finance.
The TradeIX platform enabled Standard Chartered’s unnamed client to “help its customers increase their payment terms whilst maintaining the company’s receivables at current terms”. The financing was offered by Standard Chartered with credit risk mitigation by AIG.
The TIX platform has an API-driven system to automate the process for pre-and post-shipment financing and risk mitigation for buyers and sellers. (TradeIX unveiled TIX back in June.)
The second partnership will see the bank integrating with Infor’s GT Nexus Commerce Network to provide a working capital solution by using digitised supply chain information in the cloud.
The bank says the integration will allow its existing ecosystem, of more than 28,000 buyers and suppliers, access to Standard Chartered’s trade financing solutions, covering both pre-and post-shipment financing.
By using the connectivity and transactional data housed within the platform, the bank says it will be able to offer “tailored solutions” to meet the various needs of buyers and sellers.
