Trusple aims to make it easier and less costly for all participants – especially SMEs – to sell their products and services to customers around the world.
Based on the concept of “Trust Made Simple,” Trusple works by generating a smart contract once a buyer and a seller upload a trading order on the platform. As the order is executed, the smart contract is automatically updated with key information, such as order placements, logistics and tax refund options.
To help optimise cross-border processes, Trusple has partnered with various leading international financial institutions, including BNP Paribas, Citibank, DBS Bank, Deutsche Bank and Standard Chartered Bank.
Using AntChain, the buyer’s and seller’s banks will automatically process the payment settlements through the smart contract. This automated process not only mitigates the intensive and time-consuming processes that banks traditionally conduct to track and verify trading orders, but also ensures information is tamper-proof.
“Trusple was designed to solve problems for SMEs and financial institutions involved in cross-border trading,” said Guofei Jiang, President of Advanced Technology Business Group at Ant Group.
“Just like when Alipay was introduced in 2004 as the online escrow payment solution to build trust between buyers and sellers, we look forward to making cross-border trading safer, more reliable and more efficient for buyers and sellers, as well as for the financial institutions that serve them.”
A lack of trust among global trading partners has traditionally made it difficult for many SMEs to do business. For buyers and sellers alike, this lack of trust can lead to delays in shipments and payment settlements, in turn placing pressure on SMEs’ financial position and cash flow.
Banks that support global trading by SMEs also face a longstanding challenge of verifying the authenticity of orders, which has increased banking costs. To tackle these challenges, Trusple leverages AntChain’s key technologies, including AI, Internet of Things (IoT), and secure computation to build trust among multiple parties.