AIG, TradeIX, Standard Chartered complete trade finance transaction using blockchain

Friday 6 October 2017 09:36 CET | News

American International Group together with TradeIX and Standard Chartered have successfully completed blockchain-enabled trade finance transaction for a global logistics company.

TradeIX and global insurer AIG have partnered to enable trade finance transactions for companies, using the blockchain-enabled TIX platform. This invoice finance transaction took place at the end of September 2017 and enabled the logistics company to help its customers extend their payment period whilst maintaining the company’s receivables at current terms. Standard Chartered offered the financing and credit risk mitigation was offered by AIG. 

TradeIX has developed a trade finance platform powered by permission-based distributed ledger technology. By using this ledger, companies can have their invoices placed on the platform, giving real-time visibility to manage customer terms and credit risk. The invoices are sold to the finance providers and credit insured by AIG. AIG also provides the benefits of Aronova, its trade finance technology provider, which tests policy invoice eligibility for the insured financiers.

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Keywords: American International Group, AIG, TradeIX, Standard Chartered, trade finance transaction, blockchain, DLT
Categories: Blockchain & Cryptocurrencies | Cryptocurrencies
Countries: World
This article is part of category

Blockchain & Cryptocurrencies