Sign up for The Paypers newsletter Follow The Paypers on LinkedIn Follow The Paypers on Twitter Follow The Paypers on Facebook
The Paypers, paypers, Insight in payments, News, Reports, Events
 advertisement
E-invoicing, SCF & E-procurement

Ant Financial applies blockchain to supply chain finance

Thursday 7 March 2019 | 02:33 PM CET

Ant Financial has announced a new blockchain supply chain finance subsidiary called Ant Shuanglian Technology.

Literally translated that means Ant Double Chain, a reference to the intersection of blockchain and supply chain. The aim is to provide financing for SMEs who have large corporate customers.

In the case of the Ant Double Chain pilot, the test company was a car manufacturer. The corporate raises orders and the SME supplier delivers the goods and sends an invoice. The critical step is the buyer approves the invoice. This gives a warranty to a bank that the bill will get paid. So the SME supplier can then sell the invoice to the bank at a discount getting immediate payment. When the invoice comes due, the large corporate pays the bank instead of the SME.

More: Link
 advertisement
 advertisement
 advertisement
 advertisement