Tradeshift Pay to take the pain from supply chain
Tradeshift Pay offers buyers a single wallet
Supply chain payments company Tradeshift is unifying supply chain payments elements with the launch of Tradeshift Pay. The California-based company’s cloud platform will bring together supply chain payments, supply chain finance, and blockchain-based early payments in a single offering, reports Julie Muhn at Finovate.
According to the firm, the aim of Tradeshift Pay is to relinquish the $9 trillion in liquid capital that businesses have held up in accounts receivable, often caused by a disconnect between businesses and their suppliers.
Tradeshift Pay offers buyers a single wallet that supports a variety of payment options, including virtual card payments and discounting. More than a dozen banks and card providers support Tradeshift Pay, including HSBC, Santander, and CreditEase.
Christian Lanng, Tradeshift CEO and co-founder, says: “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.”
The company says that using the blockchain not only democratises the solution for unbanked businesses, it also allows businesses to get paid faster – lowering the average payment receipt time from 45 days down to a couple of days.
Tradeshift launched its business commerce platform in 2010 and now connects more than 1.5 million companies across 190 countries.
Earlier this year, Tradeshift launched Tradeshift Frontiers, an innovation lab aimed at applying emerging enabling technologies to the supply chain. Headquartered in San Francisco, Tradeshift has offices in Copenhagen, New York, London, Paris, Suzhou, Tokyo, Munich, Frankfurt, Sydney, Bucharest, Oslo, Stockholm, and Kuala Lumpur.
