MELBOURNE – 9 September 2019 – Australian payments company Bluechain Payments Ltd announced today that they have joined forces with leading business finance provider, Fifo Capital, in a move that is set to revolutionise the supply chain finance and payments sectors.
The partnership enables SMEs using Bluechain to extend payment terms on invoices to up to 90 days. Bluechain pays the supplier’s invoice on the date they want to get paid, and the merchant automatically pays Bluechain after 90 days.
Bluechain supply chain finance is attractive to SMEs because it is off-balance sheet, insured, and does not require real estate security. This enables many more SMEs that would normally not qualify with banks and other finance companies to access funds to grow their business.
Bluechain also improves the payment process for Fifo customers on their STREAM platform. When a customer sets up a finance arrangement on STREAM, a payment request for the due date is sent to their Bluechain app for approval.
This has advantages for Fifo, the customer, and the supplier. By locking in the payment date, Fifo gains confidence in the customer’s commitment to pay. The Bluechain app allows the customer to choose their preferred method of payment. And the supplier can opt to get paid early on financed invoices by providing discounts.
Fifo Capital CEO Wayne Morris said, “The partnership with Bluechain benefits Fifo Capital in two important ways. Firstly, it provides a unique opportunity to streamline payments securely for our current portfolio of clients. And secondly, it opens up an entire network of new clients to service with supply chain finance solutions.”
The deal follows soon after Bluechain secured an agreement with Australian-based supplier marketplace, Brandscope, giving the expanding network of over 200 suppliers and 10,000 retailers in over 20 countries access to Bluechain’s innovative payments scheme.
Bluechain’s CEO, Mike McAuley said improving cashflow and supply chain efficiency were the driving forces behind the fintech’s development. “Major internationals like Brandscope have been quick to recognise the added value the partnership with Fifo Capital brings to Bluechain’s innovative payments technology,” said Mr McAuley.
Bluechain’s technology was conceived by a pioneer of BPAY and Visa’s contactless payWave technology and has secured widespread interest from investors.
In addition to supply chain finance opportunities, Bluechain has also seen significant growth in its payments services, including consumer rent payments, payroll, and stock purchasing.
“We spent the first two-or-so years building a universal platform for accepting and processing any form of digital transaction, including POS, m-commerce, e-commerce, e-billing, and peer-to-peer.” said Mr McAuley. “We are now well down the path of commercialising that technology, and we are seeing strong revenue growth month on month.”
Bluechain technology is powering solutions for the payments industry, from low-cost domestic payment schemes for national switches to payment and finance services for suppliers, retailers and consumers. The same easy-to-use mobile payment app is used for every transaction, so users enjoy one, simple experience whether they are paying in-store, purchasing online, paying bills or sending money.
BLUECHAIN PAYMENTS LIMITED
Level 1, 313 Burwood Rd, Hawthorn, VIC 3122, Australia
Chris Walker, Vice President Marketing
Tel: +61 418 949 400
Email: [email protected]