CargoX partners with China Systems to enable digital ‘instant liquidity’ model for Global Trade
(Nanjing City, China, 21 October 2021) – China Systems, the global provider of trade and supply chain finance solutions, has partnered with CargoX to seamlessly integrate the blockchain processing of electronic Bills of Lading and other trade documents into their Trade and SCF platform. The integrated solution bridges physical and financial supply chain processes based on a digital handshake between buyer and supplier, triggering receivables financing.
In August, China Systems announced the concluded development of their end-to-end Digital Collections with Receivables Financing, a fully digital re-engineering of a paper-based process by integrating different platform service providers in a campaign to instantly unlock working capital through a frictionless and highly secure API based exchange of commitments between buyer and supplier.
Joel Schrevens, Solutions Director of China Systems, said: “We are pleased to be able to offer these advanced digital solutions to the Trade and Supply Chain Finance community, to help them surpass the archaic document-based processes and switch to real-time secure electronic trade processing. Besides processing accuracy, speed, improved user experience and cost-efficiency, it is most important that the new technologies reduce the risk of documentary fraud, which can often be linked to money laundering, terrorist financing, or the circumvention of OFAC sanctions or other restrictions, such as export prohibitions, licensing requirements, or controls. Codesharing our services with business and technology partners with a similar vision like CargoX is part of our holistic trade ecosystem approach. It is what our customers need and it will help in paving the digital path toward a bright future for global trade.”
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