Invoice-CHAIN, a blockchain-powered global marketplace for the multi-trillion dollar invoice finance industry has been launched by Primechain Technologies.
Invoice finance (also known as factoring and supply chain finance) enables suppliers to sell their invoices at a discount to investors (banks, financial institutions). This enables suppliers to get faster access to money they are owed and enables buyers to get more time to pay.
Instead of relying on the creditworthiness of suppliers (usually smaller businesses), the investors deal with buyers (usually larger businesses). This can lower financing costs, optimize working capital and improve business efficiency.
Invoice-CHAIN is available in two modes – web application and API service. The web application is the simplest way of using Invoice-CHAIN and requires no integration or additional hardware / software. The API service is suitable for banks and financial institutions and requires additional hardware, software, and integration with existing / legacy systems.
Rohas Nagpal, Founder, Primechain Technologies sais that the problems in the current system of invoice discounting include the following:
“Invoice-CHAIN is a global blockchain that can be used by all banks, financial institutions, and existing factors and platforms. A centralized KYC built into Invoice-CHAIN, which leads to a single source of truth and more accurate price discovery. This also creates immutable and authentic credit rating based on reviews provided by participants.”
Source: Express Computer
The major trade and receivables finance blockchain consortiums such as we.trade, Marco Polo, Komgo and Voltron, will gather at BCR's conference "Consortia 2019" in London this May. For more info on this event, please click here.