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Tradeshift Pay taps blockchain as supply chain solution

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Supply chain payments and marketplace services provider Tradeshift this week announced Tradeshift Pay, a cloud platform combining supply chain payments, finance, and blockchain-based early payments into one end-to-end solution.

Tradeshift estimates $9 trillion is trapped in outdated accounts receivable procedures disconnecting large buyers from their suppliers. They address this through a single, unified wallet allowing buyers to choose payment options including virtual cards, dynamic discounting, supply chain finance through bank partners, or blockchain-based payments.

Christian Lanng

“In an industry where 50 per cent of U.S. 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,” Tradeshift co-founder and CEO Christian Lanng said. “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.”

Blockchain-based supply chain solutions are growing in use as large companies can easily onboard smaller suppliers. As networks grow, so do the opportunities for companies of all sizes to improve their supply chain liquidity and get paid in days instead of weeks.

Tradeshift is supported by more than one dozen major banks and card providers including HSBC, Santander and CreditEase.

Tony Zerucha is an alternative finance journalist with more than seven years experience in the space. The author of more than 1,000 articles, Tony was named LendIt's 2018 Journalist of the Year.

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