Octet recently announced it will be focusing on supporting trade flows between Europe and Australia, with the hire of Marius Savin, Octet Group’s new European Representative.
Octet offers an easy to use its web-based platform allowing European suppliers to benefit immediate settlement of dues from eligible buyers in Australian/ New Zealand – including payments via corporate cards (B2B cards) without the hassle for the Supplier to become a merchant with one of the major card networks.
Currently, there is over US$40 billion worth of exports trading from Europe into Australia, meaning European suppliers are left to fund their export business with costly open account terms. The Octet platform removes the need for such terms, as suppliers are paid immediately.
Octet’s innovative supply chain finance platform enables buyers and sellers to connect with each other in a secure environment to negotiate, transact and secure payments with the ability to store all documents in the cloud.
To demonstrate how the Octet platform will facilitate the trade flow between Australia and Europe, we’ve listed out the steps:
Step #1: Octet carries out KYC and AML compliance work on both buyer and supplier.
Once these are verified the parties are granted secure credentials to access the Octet platform.
Upon request, European supplier can also involve their local bank or financial institution into Octet platform.
Step #2: With all parties onboard the platform, the buyer and supplier can exchange data and documents via the Octet platform secure environment. Exchanging all documentation on the platform ensures the entire trade deal is captured with strict “time stamp” (similarly to blockchain), from the initial purchase order to the final settlement of the dues by the buyer.
The Octet platform has a set of recommended transaction guidelines which can be personalised for different deals, upon pre-agreement with Octet, allowing even quicker turn around.
Following the completion of the required documentation, the supplier can “claim for payment” from the buyer.
Step #3: The “claim for payment” triggers a notification to the Buyer to review the documents submitted by the supplier (full visibility on the entire history of the transaction).
Once agreed, the Buyer validates immediate payment in favor of the supplier by using several sources of funds such as their current bank account, bank credit facility, Octet Finance facility or even credit cards.
The Octet supply chain finance platform was developed with the vision to offer SMEs access to supply chain finance capabilities to manage their purchases, without having to face heavy investments.
With the expansion of Octet in Europe, more financial institutions like Westpac Bank in Australia, will have the opportunity to white label the existing technology to provide the supply chain finance capabilities to their business customers – so that they can trade with the many thousands of suppliers already on the Octet platform.
European suppliers onboarded to the Octet platform automatically become part of the Octet Community, enabling them to connect and do business with Buyers registered within Octet Community, which also spans across Canada, China and USA.
Octet platform is available in multiple languages and users can access it also via mobile apps (e.g. Android store, Apple store and Window store).
For further information on the features of the Octet platform you may visit www.octet.com or contact Marius Savin at: firstname.lastname@example.org.
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