►
Description
A presentation at the Hyperledger Trade Finance Special Interest Group on November 9, 2021 with Kristen Michaud, Managing Director, InBlock at LiquidX and Todd Lynaddy,Managing Director - Global Head Insurance at LiquidX. They present a deep dive into the process for digitising Trade Insurance Policies and showed us how this can enormously enhance and harmonise working capital return for companies dealing with export and international trade.
More about the Hyperledger Trade Finance Special Interest Group is at: https://wiki.hyperledger.org/display/TFSIG/
----
Hyperledger – Open Source Blockchain Technologies
Hyperledger is an open source community focused on developing a suite of stable frameworks, tools and libraries for enterprise-grade blockchain deployments.
It serves as a neutral home for various distributed ledger frameworks including Hyperledger Besu, Fabric, Sawtooth, Indy, as well as tools like Hyperledger Avalon, Cactus and libraries like Hyperledger Aries, Ursa. Learn more about Hyperledger projects: https://www.hyperledger.org/use
Case Studies: https://www.hyperledger.org/learn/case-studies
Training & Certification: https://www.hyperledger.org/learn/training
Tutorials: https://www.hyperledger.org/use/tutorials
Webinars: https://www.hyperledger.org/learn/webinars
Events: https://www.hyperledger.org/events
Vendor Directory: https://www.hyperledger.org/use/vendor-directory
Subscribe to the Hyperledger Newsletter: https://www.hyperledger.org/newsletter
Follow-us on Twitter @Hyperledger
Learn about Hyperledger Membership: https://www.hyperledger.org/about/join
#Hyperledger #HyperledgerTradeFinanceSIG #Blockchain
A
That's
it
cool
christine
todd
I'll
go
through
a
reading
of
the
linux
foundation
and
trust
policy.
Very
briefly
that
I
will
handle
it
up
to
you
to
have
the
meaning
linux
foundation
meetings,
involve
participation
by
industry
competitors
and
it's
the
intention
of
the
linux
foundation
to
conduct
all
of
its
activities
in
accordance
with
applicable
and
trust
and
competition
laws.
A
If
you
have
questions
about
this
matters,
please
contact
your
company
council
or,
if
you're,
a
member
of
the
linux
foundation,
feel
free
to
contact.
Andrea
upper
grove
of
the
third
of
gastner
up
grove
llp,
which
provides
legal
counsel
to
the
libyan
hyperledger,
is
committed
to
creating
a
safe
and
welcoming
community
for
all
for
more
information.
Please,
please
visit
our
hyperledger
code
of
conduct.
A
B
Yes,
I
will
kick
us
off.
Thank
you,
andre.
I
appreciate
it.
Thank
you
for
having
us
here
today.
I'm
kristen
michaud,
I'm
the
head
of
inbloc
for
liquid
x,
just
quick
kind
of
background.
On
my
background,
I
grew
up
in
non-traditional
space
in
corporate
america,
so
10
years
at
ibm,
10
years
at
ge,
in
treasury
and
financial
systems,
roles
came
over
to
liquidx
about
two
years
ago
to
build
out
an
amazing
platform
called
inbloc
and
we'll
talk
about
that
today.
It's
our
platform
that
runs
on
the
distributed,
ledger
technology
and
toddle.
C
Great
great,
thank
you
kristen.
My
name
is
todd
lindy
and
I've
been
with
liquidx
for
about
a
year
and
a
half
and
similar
to
kristin.
I
came
from
the
world
of
the
incumbent.
I
worked
for
atreides
trade
credit
insurance,
which
is
the
second
largest
trade
credit
insurance
company
globally.
I
work
for
zurich
insurance
and
I
also
work
with
euler
hermes
who's,
an
alliance
company
which
is
the
largest
trade
credit
insurance
company
in
the
world
and
in
between.
C
I
also
worked
for
two
commercial
finance
companies,
ge
capital
chris
and
I
actually
overlapped
a
little
bit
there
as
well
as
textron
financial.
So
my
background
comes
from
the
large
corporate
incumbents
now
to
the
fintech
and
suretech
space,
which
has
been
a
quite
exciting
evolution
for
me
personally,
but
also
professionally
so
looking
forward
to
speaking
with
everybody
today,.
B
B
We
have
two
products
today
in
block
and
liquid
x.
360.
inbloc
is
our
what
we
call
our
digital
asset
servicing
platform,
so
it
was
really
built
aimed
at
at
the
corporate
space,
initially
to
really
automate
the
order
to
cash
and
invoice
to
pay
process
for
corporates
using
distributed,
ledger
technology
to
trace
the
invoice,
the
purchase,
order,
associated
documents,
contracts,
policies
and
has
evolved
over
time.
We'll
take
you
through
a
use
case
on
that
outside
of
the
corporate
space
as
well.
Liquid
x,
360
was
started
as
a
place
to
sell
your
invoices
and
has
evolved.
B
We
do
not
only
the
ar
sale
but
supply
chain
finance,
trade,
cred
insurance,
as
todd
mentioned,
and
so
that's
really
our
platform
for
really
financing
traditional
illiquid
assets,
and
so
the
two
work
hand-in-hand
with
one
another
and
provide
real
benefits
to
the
funders.
So
asset
managers,
banks
on
liquidity,
on
financing,
as
well
as
to
the
corporates
on
actually
funding
those
working
capital
plays.
B
So
we
like
to
use
this
slide
to
kind
of
explain
our
business
a
bit.
If
you
think
about
the
trade,
finance
space
and
the
ecosystem,
it
really
starts
on
the
left
hand
side
of
this
page.
So
you
know:
where
does
the
asset
arise
it?
It
could
be
the
purchase
order.
It
could
be
the
invoice
the
associated
artifacts
around
that
the
bill
of
laying
shipping
notification.
B
B
You
know,
buildings
have
complicated
stamps
signatures
on
them,
even
when
they're
digitized,
sometimes
people
say
they're
digitized,
they
think
of
digitization
as
a
pdf,
which
is
still
a
physical
form
of
a
document
in
many
cases,
and
so
we're
really
about
automating
and
linking
the
asset
process
so
digitizing
the
asset
getting
that
into
a
workflow
connecting
the
data
on
the
left-hand
side
of
the
page
and
then
on.
The
right-hand
side
is
where
we
monetize
them.
B
We
also
have
for
our
funders.
We
also
have
the
ability
to
actually
distribute
those
assets,
and
this
will
be
important,
as
you
think,
about
the
benefits
of
the
distributed
ledger
technology
a
lot
of
times.
The
banks
will
purchase
an
invoice
and
then
they'll
distribute
that
to
other
banks
and
that
traceability
on
the
asset
is
very
important,
as
you
think
about
the
applicability
of
hyper
ledger,
todd
feel
free
to
add.
If
you
have
anything
you
want
to
add
into
so.
Let's
talk
a
little
bit
about,
oh
sorry,
ted
did
you
want
to
say
something.
C
Yeah
one,
if
you
could
go
back
person,
really
quick.
You
know
one
of
the
things
I
was
just
going
to
mention
here
and
you
know
you.
The
audiences
probably
have
seen
this
there's
a
lot
of
fintechs
and
ensure
ticks
out
there
that
are
very
siloed
in
their
approach
right.
When
you
look
at
what
kirsten
just
described,
we've
tried
to
bring
the
entire
ecosystem
or
what
we
call
the
wing
to
wing
together
to
basically
give
the
corporate
treasurer
the
bank.
C
You
know
whoever
that
constituent
may
be
the
entire
solution
at
their
fingertips
for
working
capital,
trade,
finance
insurances,
you
know,
and
and
so
on
and
so
forth,
and
really
leveraging
that
dlt.
The
blockchain
in
that
traceability
aspect
that
you
know
we're
going
to
touch
on
more
today,
perfect.
B
So
when
I
think
about
kind
of
my
prior
life
in
the
corporate
space
running
payments,
let's
say
for
ge
one
of
the
challenges
I
had
a
lot
of
times.
We
would
have
automation,
but
it
would
only
be
for
a
percentage
of
the
process,
and
we
see
this
with
our
client
base,
a
large
portion
of
our
clients.
They
just
struggle
with
some
of
the
basics,
around
digitizing,
truly
digitizing,
an
invoice,
a
purchase
order
linking
that
to
each
other.
B
So
you
know
the
purchase
order
and
the
invoice
don't
always
work
independent
of
one
another
right,
they're
linked
a
lot
of
times,
there's
limits
in
force
for
purchase
order,
and
when
you
go
to
actually
finance
those
you
finance
the
invoice
or
the
asset.
The
bank,
the
fund
or
the
asset
manager
wants
to
see
the
history
on
that
asset
as
well,
and
then
you
have
to
pull
together
all
this
physical
documentation
connect
it
to
each
other.
B
So
a
big
part
of
inbloc,
aside
from
blockchain,
is
the
fact
that
we
actually
do
a
lot
of
the
digitization
and
automation
right.
So
what
we've
done
is
is
we've
used
machine
learning
in
ai
to
automate
and
digitize
those
artifacts,
so
an
invoice
is
coming
in
in
a
pdf
form
and
then
the
ocr
technology
for
scraping
that
and
what
that
does
is
it
allows
us
to
place
that
you
know
physical
asset
into
a
digital
form.
B
B
So
once
we
get
that
asset
digitized,
we
then
do
a
verification.
So,
as
many
of
you
know,
in
the
trade
finance
space
there
is
elements
of
fraud
right,
so
we
can
do
duplication
checks.
We
can
start
to
connect
right
and
verify
the
connectivity
of
that
asset
to
other
documents,
so
think
about
the
bill
of
lading
document.
We
can
connect
that
invoice
to
the
bill
of
lading
on
that
bill
of
lading.
A
lot
of
time
is:
is
a
shipping
vessel
right?
B
We
can
do
a
validation
of
that
shipping
vessel
and
then
we
connect
it
right.
So
once
it's
been
verified,
digitized
transformed
verified,
then
we
connect
that
asset
across
the
ecosystem,
and
so
we
can
start
to
then
apply
our
algorithms
on
whether
that
asset
is
available
for
financing
right.
So
is
it
connected
and
available
to
be
financed
on
the
360
platform?
Can
it
participate
another
program?
Does
it
have
to
be
a
confirmed
payable?
B
So
does
it
have
to
be
sent
to
a
buyer
to
actually
approve
that
invoice
and
go
through
that
workflow
before
it
could
be?
Monetized
todd
will
talk
about
the
use
case
around
trade
credit
insurance
later
as
well,
and
so
the
same
workflow
can
be
used
across
the
great
part,
too.
Is
it's
scalable
so
that
it's
not
just
about
an
invoice
and
kind
of
digitizing
the
invoice,
but
the
same
algorithm
can
apply
to
any
asset
class
that
serves.
You
know
whether
in
a
physical
or
digital
form,
one
of
the
things
then
we
do.
B
Is
we
get
that
into
the
workflow?
So,
as
I
mentioned
earlier,
this
was
you
know.
The
invoice
doesn't
kind
of
reside
independent
in
the
trade
finance.
Space
of
invoice
is
either
part
of
a
procure
to
pay
or
order
to
cash
process
most
likely
right.
So
a
supplier
might
be
invoicing,
their
buyer
digitizing
that
invoice
sending
it
to
the
buyer,
getting
the
three-way
match
done
when
the
goods
are
received,
and
then
the
approval
from
the
buyer
and
the
payment.
B
B
So
in
an
inventory
finance
deal,
for
example,
there
could
be
up
to
eight
participants
as
part
of
that
you
have
the
buyer,
the
supplier,
the
funder,
the
warehouse
manager
a
lot
of
times
there
are
servicers,
and
so
what
becomes
hard
is
that
everybody
has
their
own
source
of
truth
in
their
erp
or
their
tracking
system.
And
what
this
solution
allows
is
that
centralized
visibility,
that's
enabled
through
the
blockchain
technology.
B
So
we
wanted
to
talk
about
a
practical
use
case
and
once
I
get
through
this
is
todd's
kind
of
talking
about
a
look
at
the
chat,
because
I
see
some
questions
have
come
in
andrea,
maybe
after
todd's
done
we
can
grab
some
of
those.
So
if
we
think
about
the
trade
credit
insurance
use
case,
so
there's
two
kind
of
go
ahead:
andrea,
sorry,.
B
Perfect,
so
if
I
think
about
trade,
cred,
insurance,
trade,
credit
insurance,
there's
kind
of
two
forms
of
an
asset
that
we
need
to
think
about,
starting
with
right,
so
you've
got
the
credit,
insurance
policy
and
invoices
we
could
be
receiving
invoices
through
an
api
with
an
erp.
We
could
also
have
the
physical
form,
like.
I
show
here,
of
an
invoice
that
has
come
in
in
a
pdf
and
in
many
cases,
has
to
be
re-keyed
into
a
system
or
can
go
through
an
ocr
scraper.
That
has
you
know,
a
mild
effectiveness.
B
So
we
will
ingest
the
policy
which
is
structured
and
unstructured
data,
we'll
ingest
the
invoices.
We
will
digitize
both
of
those
so
turning
the
credit
insurance
policy
into
a
smart
contract,
digitizing
the
invoice
into
data
or
code
and
running
that
verification.
The
next
piece
is
that
we'll
do
the
connectivity
across
right
so
we'll
start
to
connect
the
invoices,
let's
say
to
a
purchase
order
on
file,
we'll
look
at
the
history
on
that
purchase,
order,
we'll
look
at
other
connected
documents
that
are
stored
in
the
in-block
vault
and
then
in
parallel,
we'll
start
to
validate.
B
So
we're
going
to
look
for
duplicates.
Is
this
a
new
policy?
Is
this
an
existing
policy?
Is
this
an
update
to
a
policy
the
same
thing
for
the
invoices?
Is
this
just
a
state
change
to
an
invoice?
It's
moved
from
approved
depending
receipt.
Is
it
kind
of
issued
right
and
we'll
do
the
verification
on
that,
and
then
we'll
define
the
linkage
between
the
two
and
that's
the
kind
of
sweet
spot
that
we're
trying
to
get
to,
which
is?
B
Let's
get
the
policy
in
a
lot
of
times
it's
a
physical
multi-page
document
with
structured
and
unstructured
data.
Let's
get
the
invoices
in
that
could
traditionally
come
in
through
a
hybrid
of
means,
and
then
let's
connect
those
and
todd's
going
to
talk
about
the
business
use
case
behind
that
on
the
impact
and
the
savings
that
comes
with
kind
of
linking
the
policy
and
the
invoice
together.
C
Yeah-
and
you
know,
kristin
touched
on
a
few
very
important
points
right
now.
The
way
policies
work-
you
have
the
insurance
policy
here
and
you
have
the
invoices
over
here
right
and
they're
very
separate,
because
they're
totally
they're,
not
even
on
the
same
system.
Typically
insurance
policies
are
not
on
the
system
at
all.
It's
a
very
static
analog
paper
contract
that
you
either
put
on
your
desk
or
put
on
a
shelf.
C
The
interesting
thing
about
that
is
that
insurance
policy,
when
we're
looking
at
trade
credit
insurance,
ensures
those
invoices
that
you
as
a
corporate,
have
sold,
and
that
is
due
to
you
or,
if
you're,
a
banker
that
you've
lent
against
or
have
purchased
under
a
receivable
purchase
program.
So
what
you
know
going
back
to
what
kristen
was
saying
by
us,
not
only
digitizing
but
basically
bringing
those
two
assets,
as
we
call
them
together,
gives
that
traceability,
visibility.
C
Do
I
have
contract
certainty
because,
like
what
we
have
today-
and
this
is
a
you
know-
if
you
please
refer
to
the
table
on
the
on
the
right
when
you
look
at
how
credit
insurance
is
is
transacted
today,
it's
highly
analog,
it's
incredibly
manual
and
really,
if
you
think
about
it,
resource
intensive
and
error
human
error
prone
right.
When
you
have
resource
intensive
manual
processes,
something
might
get
entered
wrong,
something
might
be
input
or
wrong.
Someone
might
be
on
vacation
that
you
know
forces
a
breach
of
the
threshold
that
is
required
under
the
policy.
C
So
when
we
look
at
this,
we
say:
okay,
how
can
we
digitize
everything
from
the
request
of
quote
down
through
a
claim
filing
your
claim,
and
this
is
what
we
basically
have
addressed
with
our
inbloc
digital
policy
management
system
and
our
overall
in
trade
credit
insurance,
digital
portal,
so
like
when,
when
I
came
to
liquid
x,
there
was
a
lot
of
talk
about.
Where
is
the
future
going?
Where
is
this
industry
going
and
a
lot
of
the
participants,
and
this
could
be
brokers,
the
banks,
the
insurance
carriers
at
pretty
high
levels?
C
They
do
really
believe
that
anywhere
between
15
30
on
the
low
end
upwards
of
50
of
my
industry
of
our
industry
will
be
either
originated,
managed
and
transacted
online.
And
why
is
that?
Because
of
what
I
just
mentioned
right
like
these
analog
modes
of
dialogue
and
communication
manual
processes,
they
just
can't
keep
up
with
the
new
pace
of
trade
transactions
right
and
once
you
digitize
all
of
these
all
of
these
aspects
of
a
trade
credit
insurance
program.
C
The
entire
ecosystem
gets
trade,
greater
transparency,
which
is
very,
very
well
lacking
today,
but
also
they're
able
to
put
into
smarter
processes
right,
and
it
goes
back
to
that
contract,
certainty,
confidence
that
their
policy
will
perform
and
like
when
you
look
at
getting
into
an
insurance
policy
right.
You
have
you
reach
out
to
your
representative,
you
reach
out
to
the
insurance
company
or
a
broker
a
lot
of
back
and
forth
with
emails
phone
calls
pdfs,
and
then
you
bind
right
and
that
alone
takes
probably
around
four
to
six
weeks.
C
C
That's
where
you
need
to
confirm
the
authenticity,
authenticity
of
the
buyer,
just
basically
ensuring
that
everything
that
is
supposed
to
happen
under
the
policy
is
happening,
but
unfortunately,
a
lot
of
people
do
not
have
that
visibility
under
that,
because
everything's
done
very
in
different
silos
right,
you
have
you
have
your
working
capital
systems
here.
You
have
your
treasury
management
systems
over
here,
ap
ar
systems
over
here
a
lot
of
times
they
do
interconnect.
Sometimes
they
don't
sometimes
a
little
bit
disconnected
or
disjointed,
and
then
the
policy
is
sitting
over
by
itself.
C
You
know
waiting
for
the
actions
to
be
taken
based
on
what
the
terms
and
conditions
say
right
so
when
we
take
everything
and
digitize
that
entire
process,
a
lot
of
those
question
marks,
go
away
right
so,
and
I
want
to
get
into
that
a
little
bit
more
in
the
next
slide.
Kristen.
If
you
could
just
go
to
the
next
slide,.
C
When
you
think
about
digitization
of
credit
insurance,
we
view
it
through
these
three
pillars
and
all
these
pillars
are
really
based
on
underlying
risk
management
principles.
Earlier
today,
I
shared
with
you
my
background.
I've
basically
worked
for
insurers,
my
entire
career
right
so
like
when
we
were
building
this
out.
I
thought
to
myself
risk
risk
risk.
How
can
we
mitigate
this
risk
because
insurance
is
a
risk
mitigation
tool
and
that's
kind
of
how
I'm
I'm
kind
of
geared?
C
What
you've
seen
of
late
is
a
handful
of
other
companies,
come
on
and
basically
launch
platforms
in
different
geographic
regions
globally,
and
I
tell
you
that's
great:
that's
the
first
great
step.
You
know
what
I
mean
because
like
right
now,
as
I
showed
before,
man-along
time
delay
just
just
very
inefficient
way
of
sourcing
and
binding
capacity,
but
in
my
view,
and
in
our
view
here
at
liquid
x,
that's
really
part
of
the
equation
right
because
it's
one
thing
to
buy
credit,
insurance
and
source
that
capacity
you
need
online.
C
But
if
you
can't,
if
you
don't
digitize
and
automate
those
processes,
what
does
that
coverage
mean
if
the
policy
doesn't
perform
right?
So
we
view
it
as
that
first
and
most
important
step
in
block
digital
policy
management.
So
what
does
that
mean
converting
that
policy
into
a
smart
contract?
And
since
we
already
have
the
invoices
digitized
as
wealth
through
inbloc,
as
kristin
mentioned,
they
can
now
talk
together.
We
have
two
smart
contracts
talking
together
because
each
basically
turn
into
a
line
of
code.
C
We
could
verify
that
receivables
are
eligible
based
on
the
terms
and
conditions
of
the
policy
invoicing
period,
terms
of
payment
amongst
other
type
of
parameters,
but
also
we
could
confirm
better
authenticity
and
what
does
that
mean
so
a
lot
of
times?
What
you'll
see
is
you
might
be
selling
or
if
you're,
a
bank
buying
the
ar
of
abc
corp
100
main
street
peoria
illinois
duns
number
one:
two,
three,
four
five,
but
on
the
policy
is
abc
inc.
Same
number
of
different
guns
numbered
separate
legal
entity.
C
That's
actually
a
breach
of
the
credit
insurance
policy
for
most
carriers
right.
So
we
could
also
confirm
that
authenticity
and
eligibility
of
that
particular
debtor,
but
it's
also
tracking
the
the
performance
of
the
assets
and
when
I
say
the
asset
I
mean
the
invoices
right:
are
they
paying
properly?
Are
they
going
through?
C
Let's
say:
negativity
surrounding
it,
because
they're
like
oh
and
well,
actually,
probably
all
insurance
right
insurance
doesn't
want
to
pay
you're
going
to
find
a
way
not
to
pay
the
claim,
and-
and
I
understand
some
of
those
some
of
that
feedback
right.
But
when
I
actually
talk
to
a
lot
of
the
people
within
my
world,
my
former
employers,
the
head
of
claims
and
whatnot
upwards
of
85
percent,
if
not
more,
of
denied
claims
are
due
to
human
error
and
really
what
drives
that
human
error
number
one.
C
C
The
legal
entity
insured
under
the
policy
was
different
than
the
legal
entity
that
was
actually
being
sold
to
again
oversight
human
error.
Last
but
not
least,
the
claims
or
past
due
reporting
threshold
of
the
of
the
policy
was
breached
so
again
that
that
could
be
as
simple
as
just
forgetting
someone's
on
vacation
someone's
on
sick
someone
had
a
family
emergency
and
that
breached,
and
then,
when
you
get
back,
you
kind
of
forget,
what's
going
on
and
then
10
15
days
later,
you
finally
come
around
to
it.
C
C
During
the
credit
crisis,
I
think
the
lowest
was
about
125
125
loss
ratio.
So
the
industry
pays
the
claims.
However,
there
are
conditions
under
those
policies
that
have
to
be
met
and
what
we've
done
with
our
in
inbloc
digital
policy
management,
module
and
service
we've.
Basically,
automated
all
all
of
those
manual
processes
to
mitigate
that
operational
risk,
give
contract
certainty
and
give
everyone
in
the
all
the
constituents
more
confidence.
That
policy
will
actually
perform
credit
insurance
online.
The
second
pillar-
we've
already
touched
on
this,
but
really
this
is
for
new
new
policies.
C
If
you're
large
purchaser
credit
insurance,
you
can
launch
new
new
policies
through
the
platform
and
what's
nice
there,
if
you
have
let's
say
pre-agreed
wordings
with
your
different
carriers,
with
your
insurance
panel
they're
already
a
part
of
the
portal.
So
once
you
add,
or
let's
say
you
go
out
and
get
a
new
policy
everything's
there
for
you
and
your
broker
basically
to
put
together
right
there
right
there
and
then-
and
it
gives
you
a
much
more
efficient
way
to
actually
go
out
and
get
insurance
right,
working
together
with
your
broker.
C
Instead
of
waiting
back
and
forth
and
getting
the
emails-
and
you
know
your
broker
basically
then
gets
you
know:
10
15,
different
responses
from
all
the
carriers
and
one
of
the
things
we
do
want
to
do
or
what
we
don't
want
to
do.
I
guess
I
should
say
as
a
as
an
industry
itself
is
to
piecemeal
back
information
to
you.
So
some
underwriters
come
back,
really
quick
and
say:
okay.
C
C
To
present
to
you
that
takes
about
four
weeks
once
you
go
online
you're
getting
you
and
your
broker
are
getting
that
feedback
from
the
underwriter
in
real
time,
so
you're
seeing
who's
coming
back
who's
coming
back,
quick
who's,
a
laggard.
What
these
results
look
like
and
then
for
your
broker.
They're.
C
So
what
I
mean
by
that
is
like,
when
you
look
at
a
bank
portfolio,
sometimes
they're
they're
the
named
insured
through,
like
let's
say,
a
receivable
purchase
program
or
a
supply
chain,
finance
program
and
sometimes
they're
co-insured
with
the
originator,
as
well
as
them
standing
side
by
side
on
the
policy
and
sometimes
depending
on
the
bank.
Their
loss,
payee
and
we've
talked
we've
heard
a
lot
about
lost
paid
situations
in
the
news
recently,
given
the
the
the
green
sales
situation,
I'm
not
necessarily
talking
like
that.
C
I'm
talking
more
along
the
lines
of
there's
a
tremendous
amount
of
like
the
day-to-day
commercial
banks
out
there
that
lend
on
receivables
that
are
insured
right.
So
it's
it's
more
of
a
credit
facility
borrowing
base
structure
where
insurance
is
just
there
to
give
added
comfort
to
the
bank
and
added
security
to
the
bank.
Now,
with
that
a
lot
of
times,
the
banks
don't
have
any
visibility
into
what's
going
on
there
and
they
don't
even
know
sometimes
that
you
know
at
the
top
level.
C
Yes,
the
local
offices
might
understand
and
know
the
policies
in
place,
but
knowing
that
senior
management
level
knows
so
you
don't
you're
not
getting
that
holistic
view
of
the
insurance
that
might
be
placed
or
the
aggregation
of
the
insurers
that
are
being
used
across
those
three
different
subsets
of
policies.
You
know
main
insured,
joint,
insured
or
lost
payee.
So
what
we
do
here,
we
give
that
360
degree
access
of
insurance,
you're
able
to
slice
and
dice.
Basically
anything
you
want
from
the
highest
level
to
the
lowest
levels.
C
We
could
basically
entitle
whoever
that
you
would
want
to
have
access
to
certain
policies,
that's
both
internally
and
externally
to
help
manage
those
programs.
So
the
physician
risk
monitor
is
basically
what
brings
everything
together.
That
gives
you
basically
on
perc
that
unprecedented
insight,
but
also
that
transparency
and
traceability-
that's
really
elusive
in
the
market.
Today,.
B
C
C
C
You
might
want
to
allow
the
brokers
to
do
everything
on
your
behalf
or
you
might
want
the
brokers
just
to
have
you
access
totally
up
to
you,
our
system,
our
entitlement
foundation
and
infrastructure
is
built
on.
You
tell
us
who
gets
what
access
and
how
much
access
they
get
to
be
able
to
read,
write
view
only
or
make
decisions,
or
you
know,
prompt
action
upon
your
behalf.
B
Perfect
thanks
todd.
The
other
question
that
came
in
just
on
insurance
was
around
kind
of
multi-jurisdiction
and
kind
of.
How
do
you
handle
that
today?
You
know
if
the
buyer
and
sellers
sit
across
different
jurisdictions
and
then
using
smart
contract
technology
to
kind
of
manage
this
process
and
maybe
kind
of
two
cents.
On
my
side
from
a
more
technical
perspective,
you
can
talk
to
the
more
business
side,
but
you
know
when
we
think
about
inbloc
and
the
digitization
and
the
use
of
smart
contracts.
B
You
know
to
me
the
the
distributed
ledger.
Technology
is
just
one
portion
of
the
broader
solution,
so
in
many
ways
we've
over
compensated
with
business
logic
as
well
that
enforces
configurable
workflows
that
allow
you
to
get
kind
of
physical
and
digital
approvals
on
assets.
Store
comments
have
traceability
on
where
those
assets
originate
from.
B
We
hope
over
time
that
some
of
the
business
logic
we've
had
to
place
on
top
of
kind
of
the
rest
of
the
infrastructure
will
be
lessened
as
we
automate
and
get
more
comfortable
as
a
global
economy
around
the
technology.
But
we
have,
you
know
just
to
be
transparent.
We
have
over
compensate
with
some
of
the
business
code
on
the
front
end
to
kind
of
accommodate
some
of
those
concerns
that
were
raised
in
the
chat
todd
anything
you
want
to
add
to
that.
I
don't
know
if
there
was
anything
else
you
want
to
add
to
that.
C
Yeah,
absolutely
so,
when
you
look
at
trade
credit
insurance
right,
let's,
let's
view
this.
As
I
know,
this
is
a
global
audience
when
I
say
you
united
states,
just
you
know
kind
of
put
yourself
into
you,
know
your
country,
while
there's
a
lot
of
domestic,
let's
say:
u.s
based
policies,
whereas
u.s
u.s
or
italy,
italy
or
so
on
and
so
forth.
A
lot
of
trade,
credit
insurance
and,
I
would
say,
probably
a
large
majority
of
the
trade
credit
insurance
at
least
50,
if
not
more,
is
for
cross-border
transactions
right.
C
So
what
we
do
there
and
how
we
help.
Let's
say
confirm
that
authenticity
of
the
debtor
is
hook
up
with
a
third-party
information
source
like
a
dungeon
done
in
brad
street,
like
a
what
used
veritas,
but
that
kofas
bought
veritas
for
latin
america,
burro
dan
van
dijk,
so
a
third
party
company
that
basically
helps
verify.
So
we
have
these
unique
identifiers
to
ensure
that
everything
is
basically
copacetic
within
that
policy
right,
because
the
last
thing
you
want
to
do
is
buy
an
insurance
policy.
C
B
B
That
invoice
is
then
digitally
scraped.
It's
then
presented
back
to
the
user
for
confirmation
and
those
workflows
are
configurable
because
we
use
machine
learning
so
over
time
we
start
to
realize.
Let's
say
the
invoice
is
digitally
scraped
and
loaded
and
there's
a
missing
piece
of
information
on
the
invoice
it's
actually
required
by
the
insurer
right.
B
The
user
can
then
enter
that
and
we
store
those
user
actions
as
well
and
the
approvals
against
that,
because
we
use
machine
learning.
We
can
then
prompt
the
next
time.
We
see
that
same
pattern
detected
in
the
next
time.
That
invoice
is
uploaded,
the
system
starts,
learning
can
prompt
the
user,
and
so
we
do
over
compensate
a
bit
with
some
of
the
business
logic
to
actually
provide
that
extra
comfort
right
for
the
funders.
The
insurers,
that
the
data
that
we're
ingesting
is
accurate
by
using
the
human.
B
Our
goal
over
time
is
eventually
to
eliminate
from
those
human
actions
right
and
that's
where
the
process
starts
to
scale
and
automate
and
maybe
use
an
example
that
we
see
in
the
corporate
space.
We
have
a
reconciliation
engine
right
in
most
corporates
and
in
a
lot
of
the
banks.
Today,
back
offices
are
matching
the
invoice,
the
payment
and
the
remittance
device
for
ar
reconciliation.
B
So
you
know
if
they're
a
funder,
that's
doing
supply
chain,
finance
and
they're
funding
those
assets
they're
having
to
do
that
back
office,
reconciliation
if
they're
on
the
corporate
side
and
they're
in
the
ar
function.
They're
doing
that
matching
many
of
our
clients
come
to
us
and
they
start
with
doing
that
matching
and
excel
spreadsheets.
B
And
then
we
introduce
our
in-match
engine.
That
does
a
reconciliation
and
the
first
question
we
get
a
lot
of
times
is:
how
can
I
trust
that
the
system
is
doing
this
properly
right,
so,
whether
it's
the
ingestion
and
digitization
of
those
assets
or
the
invoice,
the
remittance
advice,
the
payments
and
the
workflow?
B
And
so
what
we've
seen
over
time
is
this
aha
moment,
as
we
kind
of
use
the
workflow,
to
allow
the
user
to
have
control
over
the
digitization,
so
they're
able
to
review
every
asset,
that's
digitized,
and
eventually
they
begin
to
trust
it
because
they
realize
that
there's
no
action.
They
have
to
take
against
that
asset
over
time
and
then
they
start
to
actually
spend
their
time
on
the
insights
around
it.
B
You
know
you
have
to
kind
of
take
a
a
plunge
in
and
do
this
digitization
effort,
but
you
have
to
have
that
cautious,
workflow
capability
to
actually
protect
the
end
user
and
the
participants
up
into
the
point.
They
feel
comfortable
and
confident
around
the
technology
working.
So
hopefully
it's
a
long
answer
to
a
question.
But
it's
a
great
question
because
we
hear
it
a
lot
with
our
clients
as
well.
C
Yeah
yeah
kristen.
I
was
going
to
ask
you
something:
if
that's
okay,
there's
this
one,
the
one
question,
and
maybe
this
is
one
that
you
you
addressed:
we're
talking
about
funding
bank
digitization
regarding
trade,
credit
insurance,
but
I
think
that
this
is
across
the
board
and
I
have
my
view
but
I'd
like
to
get
your
view
as
well.
What?
C
If,
if
some
of
the
information
is
inaccurate
or
missing,
and
what
legal
risks
now
kristen
and
I
are
both
not
attorneys,
but
you
know
right,
but
so,
but
one
of
the
things
like
like
again,
I
have
my
view
but
I'd
like
to
get
your
view
kristen.
In
terms
of
like
sure,
when
we
talk
about
automation,
it
doesn't
necessarily
mean
that
there's
no
human
oversight
right
exactly.
B
And
so
that's
why
we've
built
this
workflow
that
kind
of
overcompensates,
but
to
me
the
the
human
risk
element
is
no
different,
whether
the
ass
has
been
digitized
or
actually
it's
worse,
when
the
user
is
doing
that
through
their
eyes
outside
of
a
system.
So
it's
less
visible,
so
you
know
we've
kind
of
prevented
that
in
some
ways,
or
at
least
de-risk
the
scenario,
the
question
that
was
raised
by
allowing
this
workflow
that
allows
you
to
capture
those
changes.
B
B
C
Say
as
well
right
when
you
look
at
a
policy-
and
we
do
this
right
now
right,
we'll
digitize
the
policy
and
we
digitize
those
terms
and
conditions,
and
we
do
a
review
right,
but
at
the
end
of
the
day
right
the
broker
the
bank,
the
corporate,
like
who's
ever
like
basically
digitizing.
It
should
also
review
it
as
well.
Right
now,
when
you
look
at
the
digitization
and
the
automation,
automation
of
those
day-to-day
policy
management
right,
the
reporting
requirements
and
everything
else,
you
know
what
we're
doing.
There
is
prompting
a
lot
of
action
right.
C
There's
like
we're,
not
because,
let's
use
an
example
for
a
past
due
report,
I've
seen
some
of
the
trade
credit,
insurance
people
and
users
on
in
the
in
the
audience.
So,
basically,
once
an
account
is
a
certain
day
past
two
it
has
to
get
sent
to
the
underwriter
right
with
that
typically
comes
a
little
story
right.
Sometimes
it
is
a
what
we
call
simple
past
due
where
we're
waiting
for
a
credit
or
there
is
a
small
dispute
on
a
partial
invoice.
C
C
Now,
if,
let's
say,
for
instance,
that
everything
was
automated
and
that
past
due
just
went
to
the
underwriter
with
none
of
that
backstory,
none
of
that
context
of
what's
going
on
that,
could
be
incredibly
harmful,
not
just
for
that
insured
party,
but
also
globally,
because
a
lot
of
the
underwriters
once
they
see
a
past
due
a
legitimate
past
due
that
is
of
size,
the
underwriters
start,
you
know,
circling
the
wagon
and
say:
okay,
what's
going
on
with
this
particular
account
better.
What
is
going
on
with
this
buyer?
C
So
going
back
to
what
what
kristen
said,
the
risk
does
just
basically
transfer
a
little
bit
to
I'm
doing
everything
manually,
I'm
looking
at
this.
You
know
spreadsheet
or
aging
or
invoice
report
that
has
thousands
and
thousands
of
lines
to
initially.
Let's
set
this
policy
up.
Okay,
everything
looks
good
right,
get
that
second
third
set
of
eyes
just
to
make
sure
once
that's
done.
A
lot
of
other
stuff
falls
into
place,
and
then
it's
just
a
matter
of
overseeing
everything
that
you
do
anyway,
but
a
lot
of
that
low
value.
C
A
Just
a
remark
for
me,
I
mean
just
a
thought
on
my
side-
is-
was
very
good.
This
last
car,
you
know
you
were
saying
we
saw
often
at
our
seat
in
the
past.
How
digitization
happens
the
handling
of
documents
between
the
different
stakeholders-
and
this
is
pretty
good-
I
mean
what
you
mentioned
top
because
you
see
how
in
the
digital
process,
human
factor
is
not
scraped
at
all.
B
Yes,
we
chose
hyperledger
for
a
couple
of
reasons
for
the
security
aspect
of
it
right.
So
we
want
you
know.
Most
of
our
clients
are
either
corporates
and
their
information
is
proprietary
and
confidential.
If
you
think
about
the
way
that
they
do
their
business
in
their
supply
chain
or
funders,
right
and
insurers,
and
so
hyper
ledger
was
a
means
to
actually
providing
a
scalable
technology
solution
in
a
private
ecosystem.
B
So
I
think
if
we
didn't
have
kind
of
the
other
leading
technology
components
as
part
of
in-block
and
the
360
platform,
this
wouldn't
be
as
scalable
from
a
wing
to
wing
perspective.
So
you
know
the
the
distributed
ledger.
Technology
plays
its
role
in
this
machine
learning.
Ai
plays
its
role.
Our
flexible
configurable
workflows
play
another
role
in
this
broader
ecosystem.
If
that
makes
sense,
andrea.
A
A
Absolutely
insurance
policies
within
a
trade
and
trade
funds
based
picture
of
the
non-professionals
play
a
huge
role
in
international
exchanges
and
are
bound
to
step
in
even
more
and
more
and
more
because
the
reasons
that
we
know
it's
natural
assets.
So
I
mean
what
about
scalability
for
future
on
a
dlt
based
picture.
B
B
So
the
bet
we're
making
is
that
over
time
we
can
continue
to
introduce
new
asset
classes
right
and
every
time
we're
out
working
with
our
clients.
They
come
up
with
a
new
one
right,
so
you
know
we
don't
do
letters
or
credits
today,
that's
one
that
you
know.
We've
been
asked
to
do
right,
master
services
agreements
with
the
corporates,
so
if
you
can
digitize
an
insurance
policy
and
link
that
to
the
invoice,
why
can't
you
digitize
a
master
services
agreement
and
enforce
those
rules
across
the
purchase,
order
and
invoice
absolutely
right?
A
A
B
Yeah,
I
think
data
security
is
at
the
forefront
and
will
always
continue
to
be.
We
have
kind
of
the
highest
infosec
reviews
and
ratings.
We
are
broadridge-backed
company,
so
we
in
many
of
the
major
banks
are
our
clients,
so
we
do
have
to
raise
to
those
standards
and
meet
those
standards
for
infosec
reviews.
B
So
you
know
it's
important
to
them
from
a
regulatory
perspective,
but
it's
important
to
us
in
general,
because
our
whole
premise
is
that
you
know
you
really
automate
and
digitize
this
process
through
connected
data,
and
if
you
can't
secure
your
data,
then
what's
the
point
right,
and
so
I
don't
know
todd
if
you
think
differently.
But
to
me
this
is
the
question
we
get
that's
at
the
front
of
every
discussion
and
that's
why
we
spend
so
much
of
our
time
making
sure
we're
protecting
that
data
as
well
for
our
clients.
C
Yeah,
I
agree
100
kristen,
because
whenever
I
speak
on
the
insurance
side,
you
know
a
lot
of
the
insurers
are
either
even
if
they're
a
stand
alone
like
in
the
traders
or
euler
they're
owned
by
larger
organizations
like
dealer
with
all
eons.
But
then
you
have
aig
like
you're
dealing
with
these,
like
multinational
organizations
that
are
prone
to
cyber.
C
You
know,
and
just
like
the
this
information
is
their
data
right
and
they
they
want
to
ensure
that
it's
safe
and
it's
kept
safe,
but
not
only
those
entities
like
there's,
also
like
a
great
like
a
huge
group
of
brokers.
In
my
space
that
are,
you
know
they
basically
built
up
their
business
from
the
ground
up
over
the
last
10
15
20
years
and
like
this
is
their
data.
C
A
A
A
I
mean
it's
complexity
and
sometimes
the
cumbersomeness
of
the
of
the
processes,
the
slow
motion,
sometimes
time
for
me,
trade
insurance
was
a
huge
product
in
my
daily
life
and
you
see
with
customers.
I
used
to
deal
with
so
basically
the
basic
pain
point
that
I
faced
was
slow,
slow,
slow,
slow
on
traditional
side,
but
as
the
whole
of
the
industry
is
so
slow.
So
very
first
thought
up
my
opinion
was
we
do
you?
Imagine
you
deal
with
data
and
data
patterns
that
leave
a
mark
on
the
business
world.
A
I
think
my
feeling
is
this.
Technology
can
help
not
only
on
your
operational
side
but
also
on
the
formation
side.
You
often
deal
with
customers
that
you
know
very
little
or
recurring
ones.
I
have
when
I
got
my
own
customers
in
the
face
during
this
additional
stage.
I
should
know
what
to
tell
my
customers:
is
it
insurable?
A
Yes,
you
highlighted
a
few
good
points.
You
know
when
you
put
question
marks
in
there.
You
know
that
that's
what
visibility
also
is
nowadays
in
traditional
process.
You
don't
know
where
you
are,
what
stages
you
have
gone
through,
which
sometimes
leaves
you
in
a
dark
place.
So
you
have
the
means
to
light
this
up
and
see
hey.
A
C
A
Christine
yeah
we're
coming
to
an
end.
That's
just
now
we're
going
by
right.
Now
I
have
to
rush
I'm
so
sorry.
I
will
stay
here
for
more
than
one
hour
simply,
but
let's
keep
the
line
well
open
between
us.
I
mean
I'm
glad
to
go
deeper
into
this.
It's
great
stuff.
I
mean
your
solution
is
so
so
interesting.