Categories: B2B Payments

E-FRESCO Launches Blockchain Platform For Fruit Supply Chain

E-FRESCO, a fresh fruit virtual market, is introducing blockchain capabilities to help shipments and B2B payments for cross-border needs, according to a report.

Clients in the U.S., Canada, the Middle East, Europe and South America trying to buy and sell fresh fruit and vegetables online through the marketplace can now use blockchain-based logistics, trade and payments services to complete their orders across borders.

The need for that, according to founder Ammar Alshami, is rooted in the need for transparent transactions, reducing time and work put in, and less costs.

Alshami added that a number of different variables in the process also makes a blockchain system desirable — cross-border payments often deal with everyone involved in the process, including shippers, inspection companies, importers, exporters, companies and banking systems, according to the report. Digitization could vastly streamline the process.

Alshami said in the report that the complexity of the shipping process over borders all but necessitated a blockchain-based system. Much of the world’s business runs digitally now, and especially during the coronavirus crisis, this kind of technology can make things easier and less risky.

E-FRESCO is different from a typical market where buyers just connect with sellers. The company also offers tools so farmers and agribusiness leaders can expand their cross-border operations, according to the release.

By introducing the blockchain platform, Alshami said in the report that the portal would let sellers find sourcing needs, identify clients, and secure shipment and payments all in one place.

E-FRESCO is attempting to better promote items on its service, pouring over $10,000 per month into advertising individual postings, and putting ads on social media that are automatically posted there whenever an item is posted on E-FRESCO.

While the coronavirus pandemic has thrown everything into disarray, experts say this could be a moment for businesses make needed changes in their processes. That could include sharper cross-border platforms.

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New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.

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