Netz, a fintech specialising in decentralised trade settlements, has launched what it describes as a platform for cross-border commodity trading that serves as an alternative to traditional banking methods and letters of credit (L/Cs).

The NETZPay platform aims to streamline trade settlements, enhance security, and improve liquidity for traders and businesses in emerging markets.

Blockchain L/C alternative

The platform introduces a blockchain-based payment system that the developers claim will serve as an alternative to traditional banking methods and L/Cs.

By enabling secure and instant payments, NETZPay aims to reduce fees and accelerate the settlement process for commodity transactions.

Escrow and treasury backed services

NETZPay is incorporated in the fintech's suite of Web3 solutions, which includes StandX, a digital escrow service that leverages smart contracts to safeguard transactions.

This service mitigates risks such as fund loss or non-delivery by holding assets in escrow until all contractual conditions are fulfilled.

Treasury-backed services

NETZ also offers treasury-backed services to ensure stability and liquidity within the same ecosystem.

These services are designed to help traders navigate market volatility by backing funds with tangible reserves.

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