The investment arm of Standard Chartered fintech firm SC Ventures has announced the launch of a supply chain finance platform called Trade and Supply Chain Connect (TASConnect).
According to SC Ventures, the new platform will offer “significant value “for organizations via its end-to-end automation process. It will also allow companies to have total control of their trade and supply chain systems.
TASConnect Will Enable Businesses To Access Liquidity
TASConnect was launched to offer improved access to liquidity to businesses and their respective ecosystems. The new platform will be used to raise cash flow within the supply chain industry in four different ways, according to SC Ventures.
These processes include giving businesses total control of their programs, simplifying complex workflows, providing access to more working capital sources, and improving efficiencies in both accounts receivable and payable financing programs.
Before launching the program, TASConnect researched and found out about the problems clients are facing when managing large and fragmented supply chain fiancé systems.
“We work closely with corporates to understand their business and challenges,” Alex Manson of SC Ventures says. He added that the new platform was launched as a way of realizing value by linking ecosystems to trust and trade.
Following the launch, the platform will be focusing on large corporations when offering account receivable and payable management solutions. It has also been designed with different capabilities to help clients reach their investment goals.
SC Ventures said TASConnect is powered by blockchain technology, machine learning, artificial intelligence (AI), as well as ESG traceability. The platform will be integrating all these capabilities into TASConnect in the future. This will provide more accessibility and efficiency to users.
Lenovo Becomes One Of TASConnect ‘s Pioneer Clients
Shortly after the launch of TASConnect, the platform has already started gaining interest from leading technology-based firms. Lenovo has become one of its first clients.
Global treasury head of Lenovo, Hugh Wu, stated that TASConnect will help the company in its quest to automate its manual supply chain finance processes. The design of the platform will enable the integration of all of Lenovo’s financing banks to replicate its workflows. TASConnect’s all-encompassing platform has also empowered its Treasury function with end-to-end control and visibility.