Tradeshift, a California-based provider of e-invoicing and automated accounts payable (AP) and invoicing systems, has expanded its cross-border e-invoicing platform to enable companies with a base in China to send and receive electronic purchase orders and invoices with cross-border trade partners, according to a Wednesday (Nov. 3) press release.
The new capability is built on the company’s platform, Tradeshift Pay. Prior to the platform expansion, businesses in China had to require their global partners to operate a separate China-only system or rely on paper invoicing. Branching out to include China is a lucrative endeavor, considering that more than $530 billion in global trade passes through the country every month, according to Tradeshift.
The all-digital solution has been sought after for some time, with the Chinese government encouraging e-invoicing among domestic trade for the last year. The e-invoicing platform is facilitated via a compliant China-hosted platform through a joint effort with Baiwang, a Chinese government-approved tax services partner, according to the company. The system is expected to lessen paper use, bolster efficiency and reduce costs.
“Global companies can now use the same account to connect and transact with trade partners in France and Brazil as they do in China, reducing friction and creating economic opportunity,” said Christophe Bodin, Tradeshift’s chief revenue officer. “We’ve worked tirelessly to overcome the regulatory challenges of cross-border trade in order to deliver a truly global solution to our customers.”
The Tradeshift Pay e-invoicing system is one of several advancements the company has undertaken since the start of the pandemic. This summer, Tradeshift upgraded its platform with artificial intelligence (AI) enhancements aimed at bolstering the platform’s payables automation capabilities as compared to “human-operated processes,” as PYMNTS reported.
See also: Tradeshift: AI Updates Demonstrate Value of Automated AP Systems
Last year, the company announced a partnership with Raindew Trade to address gaps in payments for African suppliers, buyers and financing institutions caused by the pandemic. The effort was aimed at improving liquidity and digitization.
Related news: Tradeshift Rolls out New Trade Finance Program in Africa
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