Cirralto joins forces with Mastercard and Fresh Supply Co to boost cash flow for Australian farmers
Cirralto, the B2B payment services business, is leveraging the Mastercard Provenance Solution blockchain-based innovation, and the Fresh Supply Co digital supply chain network, to provide Australia’s farmers with better access to trade finance.
By embedding operational data from the Fresh Supply Co network into the Mastercard Provenance Solution, greater trust and traceability is facilitated across product journeys. Through enhanced supply chain insight, financial institutions leverage data-driven credit decisions to drive lending confidence and increase trade finance opportunities for farmers. With early payment triggers provided by Cirralto, enhanced liquidity across the agricultural value chain is facilitated.
Cash flow problems have long plagued the agricultural industry, and while initiatives such as the Australian government’s New Payment Times Reporting Scheme are a step in the right direction, a collaborative effort across public and private sectors is essential. Leveraging secure technologies such as blockchain, the agricultural industry is provided with enhanced access to trade finance, improving efficiency and cash flow for both the buyers and sellers.
Commenting on the initiative, Adrian Floate, CEO of Cirralto, said “Joining forces to help Aussie farmers is not only very humbling but essential. By leveraging the Mastercard Provenance Solution to provide more flexible payment options, we are supporting our core mission – to help businesses trade faster and get paid quicker. Cirralto aims to positively impact Australia’s Agricultural industry through improved cash flow and better business growth, and our collaboration with Mastercard and Fresh Supply Co does just that.” Floate continues “What we are actually doing is data mining to demonstrate compliance of a contract. With Fresh Supply Co we are able to use a farmer’s balance sheet assets to back their business, creating liquidity and giving them access to finance at a better price.”
Claire Thompson, Executive Vice President, Enterprise Partnerships, Mastercard, said “Ensuring that even the smallest business has fair access to secure credit is essential to realising greater resilience across the supply chain. Mastercard is thrilled to collaborate with Cirralto and Fresh Supply Co, to increase access to affordable finance through data-driven credit risk management. By leveraging Mastercard’s blockchain innovation, financiers gain access to enhanced insights, ultimately increasing lending confidence and trust through intelligent supply chains that improve traceability and allow commerce to take place.”
David Inderias, Co-Founder and CEO of Fresh Supply Co, said “As a supply-chain digitisation company we’ve been working with Mastercard for two years to provide the agricultural business with transparency across the supply chain. This Agreement combines the collective knowledge and resources of all parties to facilitate better access to working capital for the agriculture business.
Cirralto Limited (ASX:CRO) is a feature based payment company capable of owning transactions from any customer up and down the value chain. Through their core product, Spenda, Cirralto delivers a fully integrated digital payment and business software solution that enables businesses to transform with fast, error-free digital efficiency.
Cirralto supplies industries with a broad range of B2B payment services, digital trading software and integrated solutions. Our goal is to convert EFT payments to card payments utilising the BPSP/BPA engagement coupled with our payments collaboration framework. Our competitive advantages deliver customers end-to-end e-invoicing integration, rapid ordering, digital trust and automated reconciliation.
About Fresh Supply Co
Fresh Supply acts as a data layer specialising in capturing operational data and making it consumable by the financial sector. Ongoing data flows allow for continuous credit risk assessment, minimisation of exposure, and automated triggering of payments based on meeting of specific milestones or criteria.
Operational data is captured, and shaped through a proprietary FSCo technology stack and written to the Mastercard Provenance Blockchain. This data natively links to the FSCo Payments infrastructure to provide liquidity on B2B invoices. Fresh Supply Co works with leading banks and non-bank lenders to facilitate better access to capital than traditional offerings in the market.
About Mastercard (NYSE: MA), www.mastercard.com
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realise their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.
About Mastercard Provenance Solution
The Mastercard Provenance Solution transforms global supply chain management across industries and verticals, helping to bridge the gap between data silos and empowering businesses with the transparency they need to make better decisions. The blockchain-based solution enables real-time traceability with a shared record that drives trust and accountability between supply chain parties. Brands can then share critical product attributes, such as sustainability information and environmental compliance, to empower conscientious consumers to make more informed purchasing decisions.
The solution is an API-layer powered by blockchain, creating a secure and tamper-proof ledger of supply chain events. The industry-agnostic capabilities are highly performant, with enhanced security, high transaction throughput, transaction privacy and support for multiple use cases, all with one deployment. Mastercard’s award-winning provenance solution works across industries and businesses of all sizes to bring greater visibility to a product’s journey and builds trust between parties. This gives businesses greater oversight to their quality, streamlines back-office efficiencies and reduces disputes between supply chain parties.