Digital assistance to make contracts and financial settlements
Hungarian and Czech companies can register on the first digital contracting and trading surface of the Visegrad region, TrustChain Platform from today
Administrative and daily legal activities relating to new and existing contracts take 42 days* per annum on average from the life of CEOs and their assistants, so from the time available for making new contracts and building business. This will be changed by the automated client-identification, contract making and trade-financing services launched by TrustChain Ltd. today – announced by the CEO of the company, Dr. Gergely Romhány on the press conference held together with the CEO of Barion Payment Plc., Sándor Kiss.
As he said, TrustChain Platform is proposed to small-, medium sized- and large enterprises, as well. By using this platform, all administrative tasks from creating the contract to the final settlement can be performed digitally, fast and safe, including the process of partner identification, contract making and relating financial settlements. Agreements and documents are created by TrustChain-users on an online platform or uploaded thereto and signed via their phone. This way, it becomes possible to make legal statements and sign contracts with no physical and time limits.
The remote partner identification and qualified e-signature solutions available on a smart phone application guarantee the legal security relating to partners and digital contracts, and the compliance with domestic legislation and EU directives
– highlighted by Dr. Gergely Romhány.
Security of payments between companies is ensured by the partner of TrustChain Platform, Barion Payment Plc., the only institute with e-money issuer license in Hungary so far.
As one of the leading fintech companies in Hungary, Barion Payment Plc. has more than five thousand e-commerce partners all over Europe and so far almost one and a half million users have paid via their system, generating a billion HUF turnover per month – said the CEO, Sándor Kiss.
Among the innovative Smart Gateway solutions of Barion system, they provide the platform with the check-and-block service, available under Secure Payment in the menu.
When selecting this option, the contractual amount is blocked in the purchaser’s Barion account. This amount is released and immediately credited against the seller’s Barion account when all conditions of the contract have been fulfilled. TrustChain is involved in reviewing the process as a performance assistant, in an automated way. By using this payment method, the customer certifies that he possesses the financial resources needed to cover the contractual amount and the seller can be sure that in case the conditions of the contract have been fulfilled, he will be immediately paid.
In the press conference, Dr. Gergely Romhány also added that from August 2019, the platform is going to operate also in Czech language in addition to Hungarian and English and from the end of 2019, also Austrian and Slovakian companies will be able to register. Apart from the new languages and countries joining,
financial services like online factoring service, insurance products and import-export credit will be also available for the companies registered and certified.
Information technology developments of the TrustChain Platform are provided by Tappointment Ltd. Their strategic partnership creates the opportunity for constant development and international extension.
In the press conference, colleagues of the Embassy of the Czech Republic in Budapest and of the Czech Trade Promotion Agency were also present, as guests invited.
About Trustchain Systems Ltd.
The Company was established in 2017, but the legal, research and planning activities required started in 2016 already. First investor of the company was Startup Campus Inkubator Ltd. in July 2017, with an investment amounting to million 53 HUF, and in the second round Hiventures Venture Capital Fund Management Plc. joined with an amount of HUF 149 million. Currently the company is negotiating about round-three investments in Hungary and Austria.
In April 2019, TrustChain was selected to the top 25 companies in the weXelerate program of Vienna, with 650 participants.
* Result of the survey concluded by Trustchain Systems Ltd. in February 2019, based on the responses of 112 companies.