Robert.Jervis_43227 Jun 21

New blockchain initiative launched

New blockchain initiative launched image

FactR and TGMatrix join forces to create the UK’s first blockchain logistics settlement and freight matching platform

FactR, the Canadian market-leading logistics settlement platform, is pleased to announce the signing of a strategic partner agreement with TGMatrix, to represent FactR in the United Kingdom, initially, as part of their expansion worldwide.

For freight carriers and shippers, the FactR blockchain solution delivers greatly enhanced operational efficiencies, providing transparent and instant end-to-end settlement, audit history and transaction validation.

The FactR Escrow based digital wallet is essentially a shared, distributed ledger that facilitates the process of recording transactions. All payments made are instant, trusted and can be reconciled in seconds with up to 95% automation.

When FactR is integrated with TGMatrix’s Intelligent freight matching platform, it means, for the first time, that there is a cost saving, virtually hands-free and scalable process now available for the matching, procurement and settlement of freight [across road, rail, short sea and coastal and inland waterways] in the UK and beyond.

Cory Skinner, CEO & Founder of FactR commented:

“We are more than elated to find a partner with Brian and the TGMatrix team. This is a significant milestone for global logistics, next generation settlement and enabling Trade Finance and instant settlement based on Intelligent Smart Contracts. The FactR team is energized to collaborate and bring our platform to new markets and with trusted partners like TGMatrix.”

In response, Brian Bolam, CEO at TGMatrix commented:

“We are excited to partner with FactR who have a similar culture and a shared desire to bring the freight transport industry firmly into the 21st Century. This partnership will not only reduce manual work but help to improve margins for shippers and carriers alike.”