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In our connected world, global trade has not only become much more possible for businesses of all sizes, but also much more critical to success. And yet, as buyers and suppliers seek to take advantage of the opportunity to deal with anyone, anywhere, anytime, an age-old problem remains: TRUST.
Will goods be delivered on time, if at all, and will they match the supplier’s description? Can buyers be trusted to pay in full for their order?
Existing solutions – such as Letters of Credit – are a costly and labor intensive option that fail to take advantage of today’s technology. Globally the market for Letters of Credit is worth an estimated $20 trillion. And yet, despite the vast sums of money tied up in Letters of Credit, they are becoming a less and less adequate solution for the demands of today’s business landscape. Despite the advances of the digital age, Letters of Credit still demand significant manual input, and – as well as being expensive and difficult to procure in the first place – can be an ongoing administrative minefield.
Traxpay Conditional Payments helps the Bank to tackle untouched interfirm market and provides security and trust to smaller trade transactions. Traxpay Conditional Payments are cost effective, transparent and offer great innovative opportunities for Bank-intermediated trade finance. On top of all that Traxpay Conditional payments enable the optional connection to the Blockchain technology.
Powerful technologies make Traxpay Conditional Payments a faster, cheaper, and more automated and flexible solution to adapt to every businesses’ needs’. Buyers can cut out the paperwork and bureaucracy, while suppliers know their funds are ready and waiting to be released.
Designed to ensure trust is a built-in part of every buyer and supplier relationship, Traxpay Conditional Payments helps businesses achieve their full potential by ensuring every transaction they make is carried out with complete confidence. The service removes the risk of trading with unfamiliar partners, with Traxpay acting as a trusted third-party that collects, holds, and disburses funds according to buyer and supplier instructions. Buyers can purchase with full confidence, receiving and inspecting orders before releasing payment, while suppliers can instantly confirm that customers have “good funds”. Facilitate the all-important trust between parties.
All Traxpay products are connected to the Ethereum Blockchain. So Traxpay is not a Blockchain company that offers Blockchain technology, but focuses on financial services use cases / products with optional connection to the Blockchain. Traxpay offers a Conditional Payments option extended by blockchain-based smart contracts. Smart contracts empower buyers and suppliers to represent their deals on public or private blockchains to provide additional auditability and provability that replicated shared-ledger systems unlock. For financial institutions, partnering with Traxpay smart contracts unleashes a new, future-proof level of service in B2B trade finance.
This advanced level of automation removes the overheads involved in initiating, executing, and enforcing standard contracts. The most remarkable and unique features of our smart contract extension include:
With Traxpay Conditional Payments you have a strong partner on your side. You will save time as well as money.
The core features of Traxpay’s Conditional Payments service can be utilized for a monthly fee per buyer and supplier registered on the platform. Low, variable fees are also applied on transactions. For full details of our fee structure, contact us at firstname.lastname@example.org.