BlockArray and FirstView Financial Bring Traditional Banking to Block Chain Logistics
CHATTANOOGA, Tenn., May 17, 2018 – PR Newswire — Blockchain-based corporation BlockArray, a startup focused on delivering enterprise-grade blockchain solutions to the logistics and supply chain management industries, has announced a partnership with First View Financial, a payment rails institution.
Block Array intends to integrate these payment offerings onto its hyperledger fabric and Ethereum-based products and solutions to enable on-chain usage of traditional financial instruments and payment methods. Solutions like ACH and Wire Transfer will now be available on Block Arrays logistics blockchain network, Freight Relay.
Block Array expects the following features to be supported on the Ethereum, Fabric and even the bitcoin network relatively soon:
- Wire Transfers
- ACH Transfer
- Debit Card Loading
- OTC Exchange
- KYC & AML Management
- Network settlement
- Load existing corporate debit/pre-paid cards or create new ones
- Wire Transfers
- Create Token-based Reward Systems
- Smart Contract-based payment triggers (i.e. If This, Then That)
- Unit-of-Account fungible Tokens (i.e. on-chain U.S. Dollars)
- Crypto-to-Dollar exchanges (BTC/ETH)
- Dollar-to-Crypto exchanges (BTC/ETH/ARY)
- Financial Smart Contracts such as Escrow or Multi-Sig
- Load existing or create new debit/pre-paid cards for businesses
- Have Smart Contracts trigger ACH, Wire Transfer or Bank Deposit
There’s also great news for drivers. The partnership adds the ability to send money to family while they are on the road, automatically. In addition, BlockArray and FirstView Financial will be able to deliver same-day payouts for driver detention claims – previously unheard of by industry standards.
Business owners and brokers stand to gain benefits from streamlined processes and networks that let them schedule a pick-up and pay without leaving the UI.
Last but not least, accounting departments can leverage the partnership to maximize back-office efficiency – using the platform to track and maintain their balance sheets automatically.
Here are some direct benefits for Logistics companies:
- Ability to load existing debit/pre-paid cards (e.g. Fuel Cards)
- Invoice Factoring Services
- Payroll Services (e.g. Driver Payroll)
- Instant Deposits (same-day fund availability in bank account)
- Detention Factoring Service (Unique to Freight Relay)
- Ability for entire shipment transaction and tracking to occur on 1 platform
This partnership marks an exciting advancement in blockchain logistics technology – the first to grant transportation and supply-chain companies a one-stop solution for aligning and expediting the transport of cargo and financial transactions that drive the industry.
BlockArray is a leading blockchain technology vendor with expertise in hyperledger fabric, sawtooth, Ethereum, and Bitcoin blockchain networks. Their Hyperledger Fabric-based blockchain network, Freight Relay, is the first purpose-built industry-specific private and permissioned blockchain network available for supply chain and logistics companies. It enables companies to manage bills of lading, electronic logging devices, chart and track business processes and settle invoices in USD. The Freight Relay network is undergoing beta testing and is available for trial to logistics and supply chain management companies today
About First View Financial
FirstView is an innovative PayTech solution provider excelling at making the process of receiving and sending payments simple, seamless and instantaneous. Through its advanced technology platform and expert services, FirstView enables companies to create new revenue streams, reduce costs, increase security and improve efficiencies. FirstView empowers its customers to streamline payments and create marketplaces that support persontoperson, businesstobusiness and/or businesstoconsumer transactions through API integration, debit cards, push to pay, alternative currencies and most financial processing networks.
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