What is the Fast Trade and Procurement (FTP) Ecosystem

FTP is a horizontal SaaS (Software-as-a-Service) on Blockchain built to enhance closed-loop procurement transactions between buyers and sellers in a seamless manner. As the platform behind two verticals, namely Medical PPE and Semiconductor, FTP provides its trusted buyers and sellers with the benefits of Real Digital Smart (RDS) Contract, payment gateway, end-to-end digital integration and Know Your Customer (KYC) in all aspects of its business.

Benefits to SMEs

Based on industry insights, the time spent by buyers/sellers on the procurement process from Purchase Request to Payment can be significant. However, potential savings (processing time) from FTP per year is estimated to be about US$500M, which can significantly improve profitability in industries and verticals challenged with diminishing margins.

SMEs are largely known to be manual paper-intensive, lacking ERP systems or the IT skills to integrate their systems. The absence of integrated workflow and content management is likely to impact productivity and cash flow management.

FTP Features

RDS CONTRACT

RDS is a Real Digital Smart Contract which has sophisticated algorithms to track any changes and/or modifying of the contract. Storing any transactional changes on Blockchain makes it secure, reliable and trackable compared to conventional contracts.

RDS CONTRACT BENEFITS

• Automates repetitive tasks like delivery/overdue payment reminders – time stamped on blockchain.
• Actual contract is recognized by the common law countries like Singapore & India.

PAYMENT GATEWAY

FTP Payment Gateway aims to connect to payment gateways by offering choices to our buyer/seller in settling payment through PayPal, Stripe, bank transfer. An added feature is digital Escrow that is robust enough to scale from 1,000 to 2M transactions a day.

PAYMENT GATEWAY BENEFITS

• Members are given a choice of payment methods.
• Integrates with major payment gateways.
• With digital escrow, SMEs are given added confidence to transact overseas.

END-TO-END DIGITAL INTEGRATION

FTP Eco-system’s vision is to provide connectivity of the different buyer/seller ERP systems to ensure seamless transactional flow to reduce manual inputs and paper-based transactions. For those SMEs that do not have ERP, a basic entry level ERP is embedded in the FTP application.

END-TO-END DIGITAL INTEGRATION BENEFITS

• Digital documents are captured from source - cutting out manual inputs.
• Reduce paper transactions.
• Basic ERP features are provided free to SMEs with no ERP systems.

CLOSED-LOOP TRANSACTION

From PR -> RFQ -> PO -> SO -> DO -> Invoice -> Payment, FTP automates and captures the entire process in its entirety. Once payment is acknowledged, the RDS contract between the buyer and seller is then considered closed giving a 360-degree view of the entire transactional flow.

CLOSED-LOOP
TRANSACTION BENEFITS

• Entire process from PR to payment acknowledgement is digitized and tracked – cut down manual intervention.
• Buyer/Seller know where they are in the procurement journey.
• Scoring of buyer/seller is objective & data-driven.

BLOCKCHAIN

Based on Hyperledger Fabric Technology that supports permissioned blockchain network, smart contract, data privacy and unique transactional model.

BLOCKCHAIN BENEFITS

• Transactional changes are tracked on ledger.
• Messages & reminders are time-stamped.
• Secure, scalable and immutable.
• Accurate scoring is data-driven.

KYC

FTP provides basic KYC with KYC partners and 2-factor authentication to verify members’ identity to ensure transactions are legit and above board especially cross-border transactions – one of the key ask of SMEs.

KYC BENEFITS

• Provided free to SME members when they register.
• SMEs now can feel comfortable that overseas SMEs members have their background checked before transacting.