NEW YORK, March 16, 2021 (GLOBE NEWSWIRE) —
LiquidX, the global technology platform for working capital, trade finance, and insurance, is pleased to welcome Banco Bradesco to its network. Banco Bradesco, founded in 1943, is the second largest private sector bank in Brazil by total assets, serving clients through 79.9 thousand Service Points, 70 million customers, and 32.3 million account holders.
Over 50 liquidity providers are now on the LiquidX platform, providing flexible access for funding all working capital needs through a single access and interface.
Jim Toffey, CEO of LiquidX, commented, “We’re thrilled about Banco Bradesco joining the platform. We’ve been very eager to expand our customer-base to Latin America, and we’re fortunate to be working with a bank of Bradesco’s size and reputation. Bradesco’s clients can transact in accounts receivable, supply chain finance, and trade credit insurance – all within a single intuitive interface. These clients don’t have to work with multiple applications and vendors to manage their working capital, as they will have the full suite of transaction functionality in a single web-based screen to transact smarter, faster, and cheaper.”
“As the most valuable brand in Latin America and present in the United States since 1982, we are happy to join LiquidX to increase our supply chain financing capability, following our customers’ needs in line with our new determination to have our customers at the center of our decision making,” said Eduardo Waddington, Senior Corporate Banker for North America. “Some of our most important US multinational clients are already engaged in this next generation financial technology and we intend to expand our presence with other US companies that have some kind of Brazilian connection.”
LiquidX is a leading global technology company that enables corporate finance professionals to transact faster, smarter, and cheaper by digitizing their trade finance and working capital management. Headquartered in New York with offices in Boston, London, and Singapore, LiquidX delivers the industry-leading ecosystem for working capital assets to its diverse network of global participants including multinational corporations, banks, institutional investors, and insurance providers. LiquidX incorporates blockchain technology and machine learning analytics to greatly enhance transparency, reporting, and forecasting for financial professionals. To learn more about our next generation solutions please visit www.liquidx.com.
LiquidX Chief Revenue Officer Ali Hackett and Managing Director Kristen Michaud were featured speakers at a webinar of the Global Blockchain Business Council, the leading industry association for the blockchain technology ecosystem. The presentation, “Transforming traditional working capital management into a digital asset network,” outlined the issues faced by companies, banks and insurers when handling traditional paper-based trade documents.
A recording of the webinar is available here.
Key points include:
Working capital assets (purchase orders, invoices, insurance policies, etc.) cause havoc for downstream cash management since these assets are governed by physical documents (i.e., master service agreements, contracts) whose covenants do not travel with the asset through its lifecycle.
LiquidX’s @InBlock digitizes assets and their accompanying governance, allowing for tracking of both assets and their underlying cashflow. This capability has huge benefits including better cash forecasting, less time spent on reconciliation, and creation of “trusted assets” that are free to flow between departments, entities, and counterparties.
Further, with data out of silos and single-use platforms, AI and machine learning can be used to identify payment patterns which ultimately improve cash forecasting. InBlock modules for invoice to pay, order to case, monetization, reconciliation, cash forecasting, and position and risk monitoring provide a unique “wing-to-wing” solution.