Tradeshift - a market leader in e-invoicing and accounts payable automation - has announced a first-of-its-kind e-invoicing capability for global customers that have a footprint in China.
Helping companies do business in China
By launching Tradeshift Pay, companies doing business in China can send and receive electronic purchase orders and invoices with their cross-border partners. With this new solution, Tradeshift is facilitating the link between China - one of the world’s largest economies - to the rest of the world via its network.
The launch comes at a time when the Chinese government is pushing for e-invoicing for domestic trade in order to ease the reliance on paper, increase efficiency, and reduce costs.
Tradeshift has achieved this via a complaint China-hosted platform with the help of Baiwang; a Chinese government-approved tact services partner. The new solution offers companies conducting trade in and out of China a seamless pay experience.
Overcoming regulatory hurdles
As well as facilitating the link between China and the rest of the world, Tradeshift has helped the country to overcome regulatory hurdles; a significant barrier to the digitalisation of over US$530bn in global trade activity that passes through China.
“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. We’ve worked tirelessly to overcome the regulatory challenges of cross-border trade in order to deliver a truly global solution to our customers. We’re proud to take this big step forward in bringing our vision of connecting every company in the world to life,” said Christophe Bodin, chief revenue officer at Tradeshift.
A seamless shift from paper to digital
With its new solution, Tradeshift offers a seamless shift from paper to digital for China, establishing the foundations for the country to achieve 100% digitalisation of transactions.
Driving collaboration, transparency, and economic efficiency, buyers and sellers are connected across the Tradeshift network, providing access to common transactions and historical data.