Sumara
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      • Credit
      • International payments
      • Trust
      • Concepts from research
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Trust

PreviousInternational paymentsNextConcepts from research

Last updated 11 months ago

Currently SMEs in developing markets are generally unable to access trade finance instruments, such as Letters of Credit or Guarantees. As such, trade is conducted by sending staged payments; typically one up-front, one upon shipping goods and one upon receipt of goods.

Sumara enables SMEs to access trade finance instruments like Letters of Credit (LCs), Guarantees, and Proof of Funds. These are generated, recorded, and transacted on-chain using smart contracts and existing standard SWIFT MT700 series messaging format.

Key Features:

  • SMEs can build trust with counterparties by ensuring funds are available and conditions are met before release.

  • LCs and Guarantees can be fully collateralized for new or non-creditworthy customers.

  • Use of public blockchains allows for verifiable, trustless transactions.

Sumara aims to build trust through design, leveraging Ian’s experience with IDEO and high-quality UX designers, until Web3 literacy improves. Building trust through design is a key for 2024.

As Sumara goes deeper on a chosen vertical (see details on this ), we plan to be able to finance suppliers in the supply chain of that vertical as well as importers. Research suggests that suppliers being able to access finance will be a killer feature that will make them unconditionally trust the solution.

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