Tradeshift bridges Chinese economy with digital global trade network, launches first-ever cross-border e-Invoicing solution
Tradeshift, a market leader in e-invoicing and accounts payable automation, is offering first-of-its-kind e-invoicing capabilities to global companies with a footprint in China. Tradeshift Pay now helps enable companies doing business in China to send and receive electronic purchase orders and invoices with cross-border trade partners, linking one of the world’s largest economies to the rest of the world across the Tradeshift Network.
For the past year, the Chinese government has pushed for e-invoicing among domestic trade to ease its reliance on paper, increase efficiency and reduce costs – which Tradeshift has facilitated on a compliant China-hosted platform through a partnership with Baiwang, a Chinese government-approved tax services partner. Tradeshift has successfully bridged its China-hosted platform with the Tradeshift Network creating a seamless Pay experience for companies conducting trade in and out of China.
This solution helps overcome the regulatory hurdles that have been a barrier to digitalizing the more than $530 billion in global trade activity that passes through the country each month and made it difficult for Chinese companies to access existing foreign e-invoicing solutions, forcing their global partners to operate a separate China-only system or rely on paper.
“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,” said Christophe Bodin, chief revenue officer at Tradeshift. “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.”
Tradeshift Pay enables a seamless shift from paper to digital accounts payables and creates the foundation for 100% digital transactions. Buyers and sellers are connected across the Tradeshift network driving collaboration, transparency through access to common transaction and historical data, as well as economic efficiency.