London, UK March 28, 2023 – Enigio AB and TradeRiver today announced that they have successfully signed an agreement, whereby Enigio’s trace:original will be fully integrated into the TradeRiver supply chain platform, allowing SME’s to trade easier and faster with fully digital Promissory Note. The combination with TradeRiver’s in depth competence in supply chain management and Enigio’s ground-breaking technology trace:original provides a complete solution.
trace:original, is a solution for creating and managing all types of digital original documents including negotiable and title documents, with all the useful properties of paper, but in a digital form. This means that a complete digital process for original documents can be maintained with all the security, efficiency, and convenience. This will allow TradeRiver to be an early adopter of digital negotiable documents such as bills of exchange, which will be in line with the upcoming UK law change requirements.
TradeRiver, offers their clients, a cross border funding facility to keep supply chain moving and their business growing. The facility allows Buyers to fund their purchases of goods or services from their suppliers, who may be in the UK, or worldwide. Transactions between Buyers and Sellers are performed digitally via a step-by-step process within the TradeRiver Portal. TradeRiver will now enhance and underpin this funding process with a full digital trace: Electronic Promissory Note (ePN)
“We are very happy to include TradeRiver in the group of frontrunners using trace:original to harness and collaborate in the development of a truly fundamental digitilisation of all trade documents throughout the industry,” explains Patrik Zekkar, Enigio’s CEO. “The need to go digital has long been undisputable, what’s new is that the industry has the pre-requisites, when functional technology, trade practices and legislation now unites. trace:original is capable of replicating all capabilities of a physical documents in electronic form, with the ambition to cohere to the existing trade practices, processes, and IT systems.”
“The need for more and better technology within trade has never been clearer. The fragility of supply chains, within (SME) finance, and world trade, has never been more exposed,” says Richard Fossett, CEO at TradeRiver. “Recent worldwide events such as the global shipping crisis and the unprecedented economic events due to the dreadful war in Ukraine have clearly highlighted this. We are very excited to be working together with Enigio and ITFA to modify the existing TradeRiver Process to be ready for the birth of the Electronic Promissory Note (ePN) under the new Electronic Trade Documents Act (ETDA) when it is approved by Parliament.
About TradeRiver TradeRiver is an established and leading alternative finance provider that has delivered over £350M+ of Working Capital to UK SME business via digitalized payment obligations executed via the TradeRiver supply chain portal. Funding the front end of the supply chain, TradeRiver has processed over 6500 individual client payments to 1500 suppliers registered in 45+ countries. TradeRiver works closely with the credit insurance market to underwrite risk. Multi-Currency capabilities via live API make the payment process simple. Facilities from £100,000 to £2,500,000 or more, with payments being made to suppliers in the currency of the client’s choice. For more information visit: www.traderiver.com
About Enigio AB Enigio is a deep-tech company offering solutions to ensure consistency, integrity, traceability, and possession of digital information making data available only to those who should have access to it while protecting it from manipulation. For more information visit www.enigio.com