Current Situation
The digitalization of payments can be enhanced through automation embedded in the payment process. For example, international trade remains a priority for manufacturers, importers, exporters, authorities, logistics, insurers, and trade finance organizations. However, stakeholder diversity, the complexity of international supply chains, and regulations have been met with too little and too fragmented investments to automate trade.
Goals and Objectives
Reduce risk by automating trust through tamper-proof, transparent, and self-executing contracts. This will accelerate supply chains and reduce costs.
Technology Deployed
IoT, DLT, smart contracts, BPM, smart automation
Use Case Summary
Programmable payments will be an important step to accelerate supply chains, remove complexity, increase efficiency, and reduce risks for payments. The idea is to automate the initiation of payment subject to meeting predetermined criteria (e.g., cargo arrives at a particular destination).