Giesecke+Devrient (G+D), a long-established German security firm says it has developed an 'internet of things' (IoT) solution that integrates with external trade payment solutions and can replace letters of credit (L/Cs).

Just the size of a credit card, G+D's Smart Label is a disposable, low cost, cellular tracking solution that the German company claims will enable automatic settlement on delivery. 

Global tracking

The Smart Label attaches securely to any package and uses advanced technologies to offer a full global tracking coverage, with shock and temperature sensors to ensure that shipments arrive in the best possible condition.

The solution essentially digitises complex supply chains, offering end-to-end visibility throughout the entire shipment process.

Advantages over L/Cs

G+D, which was established in 1852 and is based in Munich, claims its new solution is 98 per cent faster to set up and up to 70 per cent cheaper than traditional L/Cs, streamlining all transaction stages from contract to payment on a single platform for accelerated cash flow.

Users will be able to view location and condition of every package and ensure customer satisfaction on every delivery while the Smart Label also helps combat theft and damage because it features real time visibility.

Integration opportunities

The Smart Label can be integrated with external solutions such as Hamburg-based TNP Global Trade's 'Track and Pay', which leverages advanced IoT, payment, and tracking technologies to enhance supply chain transparency and facilitate secure, automated transactions.

"We believe in Track & Pay's ability to revolutionise the global finance supply chain, offering a much more secure and fraud-proof solution than the common L/C," according to TNP Global Trade's founder and CEO, Joerg Hoerster.

"The Smart Label's slick size and active tracking capacity makes it a competitive tracking solution, which is why we chose to offer it to our Track & Pay clients," he says.

Further details on G+D's Smart Label can be found here.

This article represents the views of the author and not necessarily those of the ICC or Coastline Solutions.