News & Press


Blockchain solution aims to stop trade invoice fraud.

For more information visit GTR Asia.



Trade Finance Market Launches Blockchain Tool to Reduce Risk of Invoice Finance Fraud

For the first time, banks and factoring companies will be able to derisk invoice and receivable finance transactions, reducing compliance costs and providing SMEs with lower finance rates.

Trade Finance Market (TFM) has launched InvoiceCheck, enabling any bank or factoring to quickly and easily check if an invoice is potentially being double financed.

Invoice finance fraud is a huge problem because a financier has no way of knowing if an invoice is fraudulent or has already been financed by another funder. When a default occurs, there may be several funders who all think they own the invoice or receivable. This problem is magnified in cross border transactions, especially when only paper invoices are used and in markets where there is no central registry on which to register a charge.

InvoiceCheck is quick, easy - and free to use. A bank or factoring company simply enters basic invoice parameters to perform an initial check - in less than 30 seconds. Using blockchain technology, InvoiceCheck keeps transaction data anonymous whilst also providing information on whether an invoice is potentially fraudulent or being double financed. A key difference with InvoiceCheck is that it does not rely on a central registry – using instead the power of a decentralized blockchain. Data is protected from potential competitors and is tamper resistant once on the blockchain.

London School of Economics alumnus and TFM Executive Director, Raj. Uttamchandani, explains that the tool was born out of his own frustrations in trade finance.

“The inability to validate invoices provides yet another obstacle for SMEs in obtaining finance. Combined with the high compliance costs and fines, traditional players are also currently unable to finance SMEs in a cost effective manner, which causes unnecessary obstacles for exporters and slows growth. With InvoiceCheck, we fill this gap by utilizing the blockchain in a way that has never been done before.”

For the first time, banks and factoring companies can all be easily linked for mutual benefit - without fear of giving the data to a competitor with vested interests.

InvoiceCheck has received a huge amount of interest and TFM is working with banks, factoring industry organizations and regulators to promote it's use – with the ultimate goal of eradicating fraud and providing liquidity to SMEs at reasonable rates.

Unlike other solutions, the data on InvoiceCheck is not owned by one central entity.

“We believe InvoiceCheck is a game changer and is an example of the perfect use of a decentralized blockchain.”

The product is still in the early phases and TFM will be implementing more functionality as suggested by users.

For more information, please visit: InvoiceCheck.


To view the full press release please visit: InvoiceCheck Press Release.


Former President of FIMBank and Chairman of IFG joins Trade Finance Market

Margrith Lütschg-Emmenegger is a former President of FIMBank and has worked in trade finance for most of her professional life, firstly with Barclays Bank and WestLB AG, where she developed the forfaiting and factoring products into global market leaders.

Margrith was elected as Chairman of International Factors Group (IFG) and Association of Forfaiters in the Americas, founded the International Forfaiting Association (IFA) and has served as board member of the Swiss Association of Forfaiters.

She authored “A Guide to Forfaiting” (Euromoney) and is a globally recognised speaker on the subject of trade finance.

Margrith was awarded the National Order of Merit, the highest decoration of the Republic of Malta in recognition of her 'exceptional contribution towards the development of Malta as a financial centre.

We are pleased to welcome Margrith to our advisory team.


Trade Finance Market signs landmark agreement with the Dubai Multi Commodities Centre (DMCC)

Trade Finance Market will develop Islamic finance products as well as continue to provide inventory and receivables finance to commodity trading companies in the DMCC.


Trade Finance Market “out to create a new world order on Wall Street” (Business Insider).

Business Insider spoke to venture capitalists and banking veterans to put together a list of companies that are looking to usurp finance giants or fill the gaps they've left behind.

For more information visit Business Insider.


Trade and Forfaiting Review

In Trade and Forfaiting Review, a leading trade and supply chain finance industry publication, Peter from our team highlights how the Trade Finance Market platform innovates global trade finance for the 21st century.

For more information visit Trade and Forfaiting Review.


Finextra

For more information visit Finextra.


Trade & Export Finance

For more information visit Trade & Export Finance.


Trade Finance Market partners with the Orchard Platform

Trade Finance Market has signed a strategic partnership with New York based Orchard Platform.

This exciting development will enable Trade Finance Market to increase capital available for financing international trade through exposure to a diverse marketplace of funders.

For more information visit the Orchard Platform.


Venture Reports

For more information visit Venture Reports.


Trade Finance Global

For more information visit Trade & Export Finance.


Tekoholic

For more information visit Tekoholic.


Giga Startups

For more information visit Giga Startups.


June 2015


Trade Finance Market gives even more protection to funders with credit insurance & collection on transactions

Trade Finance Market has partnered with an A+ rated insurance company to provide trade credit cover on transactions.

Our partner’s team has over 70 million clients globally and benefits from over 100 years experience in trade, using rigorous credit analysis and proven risk mitigation tools. Further support is provided through robust follow-up and collection of overdue payments.

This exciting development is unique and will enable Trade Finance Market to give greater comfort to funders looking to achieve a higher yield through financing emerging market trade.