UK fintech ETR Digital was also a winner in the Working Capital Innovation category for the development and promotion of its game-changing Working Capital Notes, which are being already being deployed at scale in supply chain finance (SCF) programmes.
Faster and lower cost
The technology – which sees ETR convert verified trade and invoice data into secure, legally recognised digital payment instruments for use in working capital solutions – can help corporates boost their liquidity faster and at a lower cost than with traditional SCF.
Thanks to a partnership with DocuSign – which provides the signature process for the technology – businesses and banks can approve and transfer the ownership of the Working Capital Notes in real time. This process could have taken days or weeks previously.
Secure, auditable and sustainable
The secure, digital nature of ETR’s Working Capital Notes makes them very easy to audit and helps reduce fraud risks and borrowing costs for corporates. They are also designed to align with evolving regulatory frameworks, helping lower compliance risks. And because they help cut paper usage, they contribute to companies’ sustainability goals.
For suppliers meanwhile, the Working Capital Notes enable access to early payments instantly, without the need for long or complex onboarding processes.
Education and support
But the work ETR Digital has done to bring the solution to market also won it praise from judges. The fintech has been notably proactive about educating businesses about the technology and how they can use it in a way that satisfies their risk, legal, accounting, technical and environmental, social and governance (ESG) requirements.