Fintech company Fluent, the financial operating network for global commerce, has announced a partnership with Euler Hermes, the global leader in trade credit insurance, at Money 20/20. Fluent plans to utilize Euler Hermes’s API-based credit insurance tools to offer real-time single transaction credit insurance through the Fluent Trade Asset Marketplace. Euler Hermes is currently working with Fluent to explore opportunities offered by blockchain technology in the trade finance industry.
“Blockchain technology offers the opportunity to reinvent trade credit insurance and to grow safely,” explains Christophe Spoerry, co-founder of Euler Hermes Digital Agency.
Fluent plans to utilize the Single Invoice Cover, a first of its kind API-based, real-time credit insurance tool powered by Euler Hermes. The Single Invoice Cover was created to reinforce value propositions to supply chain finance platforms. It allows a user to instantly purchase credit insurance against the non-payment of a given invoice within the Fluent Trade Asset Marketplace.
This tool is part of a recent digital transformation Euler Hermes embraced to generate or capture disruptive opportunities in trade finance. The Euler Hermes Digital Agency is working with Fluent to explore the potential of blockchain technology to build and support new products. Launched in 2016, the Euler Hermes Digital Agency is focused on reinventing trade finance through innovative new API-driven tools, building on Euler Hermes’s position as the world leader in trade-related credit insurance solutions.
Single Invoice Cover will be the latest addition to the recently unveiled Fluent Trade Asset Marketplace, a robust multi-bank, multi-lender marketplace for trade assets built on distributed ledger technology. The first-of-its-kind Marketplace leverages distributed ledger technology to drive security, automation, and efficiency in origination, distribution, tracking, settlement, and reconciliation of trade assets including receivables and approved payables. The Fluent Trade Asset Marketplace provides access to a global network of businesses, banks, and liquidity providers who power working capital solutions built on the Fluent Network.
“It is fitting that the world’s first trade asset marketplace built on distributed ledger technology should leverage the most advanced credit insurance API solution available,” said Lamar Wilson, CEO of Fluent. “Combining more open, connected, API-driven tools is the future of our industry, and working with established leaders such as Euler Hermes and their Digital Agency team is a recipe for success.”
Euler Hermes is a global leader in trade credit insurance and a recognized specialist in the areas of bonding, guarantees and collections. With more than 100 years of experience, the company offers business-to-business (B2B) clients financial services to support cash and trade receivables management. Its proprietary intelligence network tracks and analyzes daily changes in corporate solvency among small, medium and multinational companies active in markets representing 92% of global GDP. Headquartered in Paris, the company is present in over 50 countries with 6,000+ employees.
Fluent also won the BAFT Solution Showcase on October 28th beating competitors IBM, Newgen Software, and Broadridge. BAFT, the leading global financial services association for international transaction banking, brought the four teams together in front of 200+ trade professionals to solve the question, “How to identify a ‘real’ receivable and perfect interest in that receivable?”. Fluent was victorious, earning the right to present at the Europe Bank to Bank Forum in Madrid, January 16-18th, 2017, or the Global Annual Meeting – The Americas in Miami, April 30th- May 3rd, 2017. Fluent’s platform was said to provide the best solution to preventing double financing, perfecting interest in receivables across different markets, and automating these processes.
Fluent is an end-to-end open-account trade finance platform powered by distributed ledger technology. The platform is designed to streamline and automate settlement, reduce fraud risk, and break down costly data silo’s in the $4 trillion open-account trade market. The Fluent Network acts as a global “fabric” for trade, providing partners and network participants with a much smarter, more secure, and more efficient way to move value and assets around the world. Applications and solutions built on the Fluent Network include a multi-bank, multi-lender trade asset marketplace, flexible working capital solutions for businesses, and a robust suite of APIs.
Fluent is an end-to-end open-account trade finance platform powered by distributed ledger technology. The Fluent platform is built to streamline and automate settlement, reduce fraud risk, and break down costly data silos in the $4 trillion open-account trade market. Visit fluent.network for more information.