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TrustChain launches platform helping firms with admin tasks

TrustChain Systems Kft. has announced the launch of a platform assisting companies with automated client identification, contract-making and trade financing, significantly reducing the time spent on administrative and daily legal activities, claims a press release sent to the Budapest Business Journal.

Gergely Romhány (left) and Sándor Kiss

The launch was announced at a joint press conference by TrustChain CEO Gergely Romhány and Sándor Kiss, CEO of partner firm Barion Payment Zrt.

The TrustChain platform will be available to SMEs and large enterprises alike, according to Romhány. By using the platform, all administrative tasks, from creating a contract to final settlement, can be performed digitally, and in a fast and safe way, including the process of partner identification, contract-making and related financial settlements. Agreements and documents can be created by TrustChain users on an online platform or uploaded onto it and signed via their phone, making it possible to make legal statements and sign contracts without time or physical constraints.

"The remote partner identification and qualified e-signature solutions available on a smartphone application guarantee legal security relating to partners and digital contracts, and compliance with domestic legislation and EU directives," said Romhány.

Security of payments between companies is ensured by the partner of the TrustChain platform, Barion Payment, which is the only institution with an e-money issuerʼs license in Hungary at the moment, notes the press release.

"Barion Payment has more than 5,000 e-commerce partners all over Europe, and so far almost one and a half million users have paid via the system, generating a billion forintsʼ turnover per month," noted Kiss.

Barion provides the platform with the check-and-block service, available under Secure Payment in the menu. When selecting the option, the contractual amount is blocked in the purchaser’s Barion account. This amount is released and immediately credited against the seller’s Barion account when all conditions of the contract have been fulfilled.

TrustChain is involved in reviewing the process as a performance assistant, in an automated way. By using this payment method, the customer certifies that he or she possesses the financial resources needed to cover the contractual amount and the seller can be sure that, provided the conditions of the contract have been fulfilled, the amount will be immediately paid.

Romhány added that from August this year, the platform will also operate in the Czech language, in addition to Hungarian and English, while from the end of 2019, Austrian and Slovakian companies will also be able to register. Apart from the new languages and countries joining, financial services such as an online factoring service, insurance products and import-export credit will be also available for the companies registered and certified.

Information technology developments of the TrustChain platform are provided by Tappointment Kft.