Fintech firm Hijro (formerly Fluent) has announced a partnership with software and information technology services company SAP Ariba, to serve as an inventory provider of trade assets to the blockchain-based Hijro Asset Distribution Network, a multi-bank, multi-lender marketplace.
“Hijro’s API will be utilized to tokenize and register digital versions of trade assets originated within the Ariba procurement platform,” said Lamar Wilson, CEO of Hijro. “Our platform will allow purchase and distribution of these assets by a network of funders.”
The Hijro network also includes a platform and API layer that permits developers to create applications and solutions that could integrate into existing business networks.
“A partnership with SAP Ariba means connectivity into one of the most powerful business networks in the world,” said Wilson. “By connecting [SAP Ariba’s] network to the Asset Distribution Network, the first suppliers will have access to working capital through the Hijro Beta.”
This announcement also introduced the Hijro Trade Finance Beta application for suppliers in the United States. As a result, Hijro is currently accepting applications for its Trade Finance Beta on hijro.com. From there, suppliers are encouraged to enter their credentials to qualify as a seller of trade assets to funders on the Asset Distribution Network.
During the Ariba Live 2017 event held in Las Vegas, SAP Ariba outlined plans to implement blockchain technology in its business network to enhance processes, improve connectivity, and include more applications for its customer base. Since the event, the company has publicized some industry pioneering collaborations.
Last week, the company announced a partnership with London-based blockchain startup Everledger in order utilize blockchain technology for the shipment of goods. Furthermore, SAP Ariba’s parent company, SAP, announced it had become a premium member of Hyperledger, an open-source collaborative project for cross-industry blockchain technologies.