Member Spotlight

Member Spotlight

Octet’s Secure Digital Wallet Helps Businesses Grow Globally

Octet works to connect the business world through its innovative supply chain finance and management platform. It has on boarded in excess of 10,000 SME suppliers in more than 60 countries at over a 98% success rate. This has enabled the suppliers to transact in excess of US$1 billion since Octet’s inception in 2008, across the United States, Australia, China, India, South-East Asia and into Europe.

As a member of the SME Finance Forum, Octet’s goal is to make the international supply chain management and financing process as smooth, efficient and convenient as possible for its suppliers and buyers, without disrupting their normal flow of business. In addition Octet has created the Secure Digital Wallet to provide optimal, unsecured growth funding for businesses around the world. 

Octet’s Secure Digital Wallet, one of the first of its kind globally, has two major functions. The first is giving buyers the power to procure goods using multiple funding sources and with the ability to pool available options into one payment. For example, a customer looking to pay an international supplier for US$100,000 worth of goods, could pay for this with $50,000 off their business Visa/MasterCard/American Express commercial card without requiring the supplier to be a credit card merchant and a $50,000 unsecured loan from Octet. The Secure Digital Wallet makes these funding options immediately available through a single platform.

The second function of the Secure Digital Wallet works to streamline foreign exchange payments. Traditionally, clients exchanging money across currencies are required to remit their payment to the foreign exchange platform, which then sends it on to the beneficiary. This is a clunky and inefficient process that can take anywhere from two to four days for the supplier to eventually get paid. Octet’s Secure Digital Wallet enables foreign exchange providers to work on shorter time frames.

This allows Octet to offer sharper exchange rates to its clients, refreshed in real-time and bookable within seconds.

Octet has partnered with global financial institutions like Westpac Bank and Bank of Nanjing to extend its network’s international reach and allow more businesses to access the wider global market with ease. The platform now also enables both domestic and international payments through credit cards like Visa/MasterCard/American Express, providing further innovations in lending. Clive Isenberg, Managing Director of Octet, notes “Making business easier for our clients has always been a focus for us at Octet. We are excited to be at the forefront of financial technology innovation, changing the face of the international supply chain process.”