Hub Culture and Epiqdata are partnering to reduce supply chain disruption caused by the COVID-19 pandemic. During this emergency demand for medical supplies is higher than usual, and normal financing mechanisms are delayed or broken. In order to bridge the trade finance gap presented between medical equipment suppliers and governments or institutions fighting on the front lines, Hub Culture offers an escrow service to help provide certainty between payment timings.
The service provided by Epiqdata matches high volume orders with suppliers. Buyers are reluctant to pay before delivery due to shipment obstacles and the requisition time required for expenditures. Sellers are wary to ship supplies without receiving payment first, causing mortal delay during a pandemic.
The Ven digital currency escrow service provides a bridge between buyer and seller with a shared contract managed by Epiqdata. The contract for goods is issued digitally using Hub Culture’s AGREE contracting system, and invoice is issued to the buyer. The buyer remits funds to Hub Culture to be held in escrow with its banks, Morgan Stanley, HSBC, Transferwise or Clarien Bank. Upon receipt, Hub Culture issues a Ven digital currency credit to the supplier, who releases the supplies. When the supplies arrive with the buyer, the seller then receives the cash payment from Hub Culture, and the seller returns the Ven amount to Hub Culture. Both parties retain view of the flow of funds at all times. Dispute resolution for unreceived goods is handled by the parties, upon which settlement funds are released as instructed by the agreed parties and Epiqdata.
Both parties need a HubID digital identity to execute an AGREE contract. The contract can be issued by an individual, or if by a company, from an entity profile linked to an individual.