Global-netting platform, Troc Circle, is launching a solution to unlock capital stuck in global supply chains. Powered by the “Plug-and-Play” technology of embedded-finance providers, Weavr, businesses will soon be empowered to settle invoices up to ten times faster with the new streamlined process.
Supply chains are often costly and complex but with its new solution, Troc Circle will ensure that businesses get paid through the netting of invoices, in an open network - regardless of the business' accounting software - avoiding hold-ups in the payment process.
Following the launch, invoices can be settled quickly and at the live-currency market rate, allowing control over cash flow thanks to an 80-per-cent-lower processing cost.
Troc Circle, an established innovator in the world of global supply chains, initially launched its circle-netting solution in 2019. However, they were quick to recognise that this covered only 3 per cent of open invoices, whereas ‘chain netting’ reaches around 70 per cent.
By partnering with a likeminded innovator, Troc Circle benefits from Weavr’s comprehensive Financial Plug-in, which provides the full technical and legal framework required to onboard merchants and sellers, while also enabling payments to be processed via virtual cards.
The inefficiency of global supply chains is a burden that has long been carried by businesses across sectors. However, recent world events such as the Covid-19 pandemic have exacerbated the issue, making it increasingly common for businesses to absorb the spiralling costs, often by taking out high-interest loans that hamper their future business growth. These factors, in combination with the poor economic forecasts on a global scale for the near future, make Troc Circle an even more attractive solution to rising cost pressures by unlocking the stuck capital that helps keep projects profitable.
Businesses signing up to the platform stand to benefit from increased working capital to cover day-to-day operations and the ability to negotiate better rates with suppliers, ensuring faster payments across multiple currencies.
Fares Hobeiche, co-founder and CEO at Troc Circle, said: “Our aim is to help businesses unlock capital that’s stuck in inefficient payment supply chains. Now, with Weavr on board as our strategic partner, we’re able to offer this service as a seamless, digital product.
“After just a few weeks of collaboration, we have built a disruptive solution, which goes above and beyond our customers’ expectations. Now, we are beginning to reach clients who need a Tier One business expense platform.”
Alex Mifsud, co-founder at Weavr, said: "Troc Circle’s invoice-netting solution for cross-country payments is a real innovation in supplier payments.
“Weavr powers the payment flows underpinning the solution and takes on the compliance and regulatory burden in the background, removing that heavy lift for Troc Circle. This represents a significant saving which means Troc Circle can instead focus on scaling their business.”