TradeIX, creators of a distributed ledger technology for trade finance announced the release of their TIX Platform, which aims to facilitate trade finance parties to more easily, flexibly and efficiently connect to the broader trade finance market, including suppliers, buyers, service providers, B2B networks, credit underwriters and financial institutions.
The TradeIX company was formed by industry veterans with backgrounds in banking, trade finance and blockchain technology. Established in Ireland, with more than 25 employees and operations in the UK and the US, the company is working with leading investors in the financial services space such as Kistefos, a private investment company wholly-owned by Mr. Christen Sveaas.
Rob Barnes, CEO of TradeIX said:
“The $8 trillion trade-finance market underpins every aspect of the global economy, but it operates through high-cost, high-maintenance, time-consuming processes that involve multiple bilateral, paper-based transactions. This has made global trade extremely complex and exclusive, and unnecessarily costly for corporates, banks and other participants in the trade finance market.”
“The TIX Platform by TradeIX represents the dawn of the “internet of trade” and it has the potential to transform trade finance. The efficiencies and capabilities made possible with our TIX Platform enhance the value proposition for every party involved in trade and the supply chain. Banks can lower processing and back-office costs, improve current commercial offerings and generate new financeable assets, all while increasing traceability and reducing risk.”
“Corporates can benefit from making siloed data available securely to many of their trading partners. Additionally, they get access to competitive funding for different trade assets. And B2B networks can provide blockchain capabilities to their customers and generate additional revenue streams by using our platform to give their clients access to multiple financial institutions offering trade finance.”
Andy Berti, CTO of TradeIX also commented:
“We work very closely with leading financial institutions and their clients to align our technology solution with market demand and the practicalities of the trade finance market. The TIX Platform is a true game changer in the trade finance ecosystem.”
“By applying blockchain technology to trade finance, the TIX Platform reduces complexity and the number of intermediaries involved eliminates the settlement, custodian and counter-party risk and enables superior credit risk management. As an open platform, TIX is simpler for users to connect and use than proprietary platforms, can accommodate users’ different legacy technology systems and has potential for greater network effects.”
