Match Factors Joins Blockchain in Transport Alliance
FLORENCE, SC – February 21, 2017 – Match Factors, a leading provider of transportation factoring, announced today it has joined the Blockchain in Transport Alliance (BiTA).
Founded in August 2017 and aiming to lead, develop, and embrace a common framework and establish standards from which industry participants can build revolutionary applications, BiTA has seen over 250 companies join in the last six months. The world’s largest commercial blockchain alliance, BiTA represents hundreds of global freight transportation companies with a collective revenue exceeding $1T. Blockchain is a digital ledger technology capable of recording transactions and storing data in blocks using cryptographic validation to link themselves together resembling an unending chain. As the voice of the blockchain transportation industry, BiTA will provide more clarity around the technology for its members.
“The digitization of financial processes presents risks for companies. Secure blockchain technology could be one of the most significant developments for the industry and the wave of the future for exchanging financial information and assets within the supply chain,” said Eric Belk, Vice President of Match Factors. “Match Factors is excited to be a part of BiTA and we look forward to collaborating with other leaders to develop common guidelines, standards and solutions. As a transportation factor, it’s imperative that we help redefine how logistics payments are distributed and managed.”
As blockchain replaces outdated systems, increased data security will be the biggest benefit. Additionally, the factoring industry will benefit from fewer risk factors such as non-payment and misdirected payments; an easier and more efficient method of transferring data and assets; transparent verification and collection; and more affordability as companies expand into new markets and across borders. “We’re pleased to have Match Factors aboard,” said Craig Fuller, Managing Director of BiTA. “They’ve been a leader in innovating the freight financing business. Originating right after deregulation, Match Factors has been instrumental in helping to create the future of freight. We believe that finance is the first part of the freight ecosystem to be disrupted by blockchain technology, and companies implementing solutions around this trend stand to be enormous victors.”
About Match Factors
Match Factors Inc. is headquartered in Florence, South Carolina and has been providing accounts receivable factoring solutions for the transportation industry since 1984. They have also been recognized as the original 95% cash advance factor. For more information visit MatchFactors.com.