HC Trade Finance eradicates fraud, allows real-time sharing of validated documents and automates business processes by clever implementation of the smart contract capabilities of the Ethereum blockchain platform.
SAN FRANCISCO, CALIFORNIA, USA (PRWEB) August 22, 2017
HashCash® today introduced HC Trade Finance, a blockchain technology product that brings a breakthrough for global banks and financial organizations in the business of financing corporate trade.
Traditionally, the business processes around financing a corporate trade activity is a paper intensive process. The risk of fraud is typically high for the financial organization underwriting it. Manual processing of documents also leads to reconciliation or book keeping inconsistencies and audit hassles. This soars up cost for the financial organization and creates barriers to supply chain financing for corporates.
All this in turn leads to inefficient working capital management and affects the overall economic output.
HC Trade manages the process in a way that way never possible before. Using blockchain and distributed ledger technology it improves the overall transparency of the process and eradicates fraud. It makes tracking and sharing documents among counterparties easy and eliminates paperwork through digitization. The product automates business processes by clever implementation of the smart contracting capabilities of the Ethereum blockchain platform.
"HC Trade lowers operating cost for financial organizations and the overall ecosystem. It offers corporates access to supply chain financing that wasn't available to them before. This leads to better working capital management for businesses and accountability to auditors," said Raj Chowdhury, Managing Director at HashCash Consultants and a prominent blockchain expert.
HC Trade is a blockchain Trade Finance product for banks and corporates that is far more advanced than the applications available. It supports Letter of Credit, Bank Guarantees, Pre-shipment loans and Discounting methods common in trade finance today. The product comes with comprehensive sets of APIs that integrate seamlessly with core systems of banks and ERPs of corporates.
"The product captures the complexity of the business process and accommodates multiple Advising and Confirming banks who are sometimes part of financing a deal. The product can be installed on Amazon's AWS or Microsoft Azure cloud platforms or on-premise as opted by the bank or corporate." says Ishan Roy, Head of Products at Hashcash Consultants.
About HashCash Consultants: HashCash Consultants is a Blockchain company registered in USA and India as HashCash Consultants, LLC and BlockBase Consultants Pvt. Ltd respectively. HashCash builds banking products that integrate with blockchain platforms such as Stellar, Ethereum, Corda and Hyperledger Fabric. It partners with banks globally to integrate their core banking systems to blockchain products and platforms. HashCash's product portfolio includes, HC Commerce, HC Remit, HC Pay and HC Trade Finance.
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