Innovation is what drives the supply chain finance market forward and this year the judging panel decided to recognise the cutting edge achievements of three technology businesses that are doing exactly that: TradeIX, TrustBills and Taulia. Each business is named as a winner of a 2017 SCF Award for Innovation.
TradeIX is using distributed ledger (blockchain) technology to “rewire trade finance”, providing the most connected and secure platform infrastructure for banks, financial institutions, corporates, tech firms and others to rebuild the trade ecosystem. The API-driven platform and developer tools allow for a smarter, better-connected platform to facilitate the movement of goods, assets and credit around the world. Trade finance currently operates in a highly-siloed, high cost, high maintenance model in which multiple parties have an overreliance on manual systems, creating complexity, risk and inefficiencies. The model being developed by TradeIX will supersede the old ways of working with its TIX Platform.
“This is a reinvention of the SCF proposition from being a solution for companies to creating an SCF network across multiple providers,” said Michiel Steeman, chair of the judging panel and of the Supply Chain Finance Community.
TrustBills is the first online auction platform for selling and buying national and international trade receivables in a true sale. For sellers of trade receivables, the traditional bank and non-bank products such as factoring, forfaiting and asset-backed commercial paper and other securities tend to be slow and inflexible. The terms attached to them can be difficult to manage in a sale and they typically can’t cope with the latest technologies that corporates are now embracing and integrating into their supply chains. TrustBills couples new technology with outstanding trade know-how and creates tangible advantages such as speed, versatility, fairness, convenience and KYC compliance.
“TrustBills is a truly international set-up using artificial intelligence to develop a market for receivables,” said Steeman. “Its auction platform can set the standard for our industry.”
Taulia is recognised for its recently-launched Polaris platform which uses artificial intelligence to guide buying organisations as to the optimal time to offer early payment settlement to suppliers, taking into consideration timing, discount rates, who in the supplier organisation should be contacted and the right messaging. The Polaris system is used by Taulia client managers to advise corporates and is available as a premium service to corporates that want their own real-time access to the platform. “Polaris has completely changed our lives at Taulia,” Taulia CEO Cedric Bru said in a recent exclusive interview with SCFBriefing.com. “And more important, the lives of customers. We rely on this infrastructure to manage and run the programmes for our clients. It’s completely embedded as part of our operations.”
Steeman added: “Data is everything nowadays. Polaris is using smart algorithms to improve intelligence and optimise SCF decisions and transactions.”