Arqit and Traxpay team up on secure supply chain finance
By Gloria Methri
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.”
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