Invoice creation and payment settlement quickly and easily.
Our prototype due for release later this year.
Users can initiate a new trade with a counter party and detail how these payments will be made. There are 3 payment formats for users:
Streams - payments made continuously over a set period of time and for a certain amount
Bullet - scheduled payments made at set dates as per any agreement between buyer and seller
Oracle - payments which are only triggered on the completion of agreed milestones
A counter party creates a trade proposal for a supplier to accept, appearing as "sent for approval".
The supplier may accept, reject or propose an amended trade. When accepted, a buyer deposits collateral to initiate the trade. If selected, streaming payments can begin immediately.
At any point in time, users can choose to withdraw liquidity (funds) from the settled payment streams to which they are entitled, specifying an amount to pull out of the WIP account balance.
Control & Transparency
Payments can be controlled easily with TradeFlows. Whether they are the Streams, Bullets or Oracles. When payments are paused, interaction between buyer and seller via negotiation is needed to get the project back on track.
All those involved in a transaction can see if collateral is being deposited or withdrawn. Providers may choose to halt work if no further collateral is entered by the payer.
The key is to provide this transparency and control to users, to avoid work being done where it can't be paid for.