back Back

Arqit and Traxpay team up on secure supply chain finance

By Gloria Methri

December 13, 2022

  • Arqit
  • Arqit Quantum
  • Cyber Threats
Share

Arqit, Traxpay, supply chain finance, distributed ledger Arqit Quantum has signed a contract with Traxpay to help enable supply chain actors to conduct business more securely. Under the deal, Arqit’s quantum-safe encryption will be deployed directly into Traxpay’s supply chain financing platform.

Arqit’s TradeSecure service uses distributed ledger technology to provide customers with referenceable digital finance instruments. Its symmetric key agreement software QuantumCloud will protect Traxpay’s customers from current and future cyber threats.

The agreement comes as the UK government’s upcoming Electronic Trade Documents Bill will legalize electronic transferable documents. The digitization of global trade will thus open a potential $17 trillion global market for supply chain finance, the company said. However, it also leaves global trade more vulnerable to cybersecurity threats.

Arqit’s TradeSecure digital finance instruments create a safe legal promise to pay for goods or services that all supply chain parties can use to conduct trade. Currently in the live testing phase, the full-scale commercial product is expected to launch in 2023, once enabling legislation has come into effect.

Arqit SVP Working Capital Technology, Dominic Broom, said, “We are delighted to be working with Traxpay to enable their corporate customers and banking partners to access finance more efficiently and securely. We believe that, in the quantum era, Arqit is the first company in the world whose technology meets MLETR provisions on the identity, integrity, and control of electronic transferable records. Being first to market to comply with the new laws is an exciting opportunity.”

Traxpay MD Markets & Sales, Markus Wohlgeschaffen, said, “Arqit’s technology is highly compatible with our supply chain finance ecosystem and uniquely capable of delivering clearly identifiable, quantum-safe digital finance instruments which are urgently needed in the digital trade era. We are now able to create new products for our customers that allow an unrivalled level of flexibility in liquidity management, efficiency, transaction speed, cost reduction, and, most importantly, the highest levels of security.”

Previous Article

December 13, 2022

Geidea collaborates with Magnati to enter the metaverse

Read More
Next Article

December 13, 2022

5 instant lending platforms in Nigeria to watch out for in 2023

Read More








IBSi Daily News Analysis

UAE

February 27, 2024

Arqit

Saudi Arabia’s FinTech market poised for exponential growth: vision 2030 sparks innovation surge

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

Aevi and Silverflow partner to support banks in Europe & North America

Read More

Today

Šiaulių Bankas taps Temenos to modernize core banking platform

Read More

Today

Flagright & SALT to fuel financial security for SMEs in India & Asia

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q4 2023
Know More
Wealth Management & Private Banking Systems Report Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2023
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023