A. General Information
1. Title
ARQIT – TradeSecure
2. Implementation period of the project/service:
4. Geographical coverage
Global
Hub Point: United Kingdom of Great Britain and Northern Ireland
5. Participating agencies/entities of the project/service:
a. Development stage
Lead agencies/entities
ARQIT – TradeSecure
Other participating agencies/entities
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b. Operational stage
Lead agencies/entities (op)
ARQIT – TradeSecure
Other participating agencies/entities (op)
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6. Main stakeholders/beneficiaries of the service
Traders (big enterprises)
Traders (SMEs)
Transport
Customs brokers
Customs
Other Government Agencies (OGAs)
7. Business process category of the service
Commercial Transactions
Payment
B. Lessons Learned
8. Summary description of the project/service
Brief Summary
TradeSecure generates and distributes digital trade finance instruments, protecting financial supply chains from disruption and fraud and improving their cash flow. Arqit TradeSecure can secure digital negotiable instruments, including digital promissory notes and digital bills of exchange.
a. Objective(s)
TradeSecure generates and distributes digital trade finance instruments, protecting financial supply chains from disruption and fraud, while improving their cash flow. Its technology can be deployed in any trade finance platform, providing customers with quantum security against all current and future cyber threats. Using distributed ledger technology, Arqit TradeSecure provides its customers with a single, trackable and transferable digital financial instrument that is easier to manage than paper-based solutions. Arqit TradeSecure can mint and secure Digital Trading Instruments, including Digital Promissory Notes and Digital Bills of Exchange.
b. Business need for the service (background)
Digital Negotiable Instruments (DNIs) such as Digital Promissory Notes and Digital Bills of Exchange are increasingly being used in working capital solutions, with buyer-led supply chain finance programmes expected to double within the next 5 years. With legislation based on the UN’s MLETR being adopted around the world, these instruments represent the future of trade finance. Banks need to ensure digital documents can be trusted from invoice origination through to acceptance, and potentially onward endorsement, of the finance instrument. Arqit TradeSecure is a quantum-safe independent minting and sealing service for DNI. offering full traceability and visibility of instruments, maintained by a cryptographically immutable “digital twin” that records changes of ownership in a secure digital ledger.
c. Business process covered*
Commercial adoption of Digital Negotiable Instruments (DNIs) is dependent on their ease of use and on their legal recognition. Arqit has created a legally recognised digital instrument, that meets legal tests set out in the UK’s Electronic Trade Documents Act 2023.
d. Overall architecture and functionalities*
Arqit is a company whose technology complies with the UN MLETR provisions on the identity, integrity and control of transferable electronic documents. Its software is fully compliant with MLETR-based legislation and enables its customers to secure their supply chains and increase their liquidity. TradeSecure uses Arqit's SKA platform, a symmetric key agreement software designed to protect users from the growing quantum threat.
e. Relevant document/figure
9. Documents and data exchanged via the service
Digital Negotiable Instruments (DNIs) such as Digital Promissory Notes and Digital Bills of Exchange
10. Data models/databases, proprietary solutions, hybrid approaches
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11. Main challenges faced during the service
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12. Lessons learned from the service
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13. Main benefit(s) of the service
Enhanced regulatory compliance*
Transaction Cost savings*
Transaction Time savings
Simplified process
Increased trade flow
13A. Elaborations/detailed description on benefits gained
TradeSecure’s Digital Negotiable Instruments (DNIs) greatly enhance both access to trade finance and supply chain efficiencies, giving our customers faster transaction times, reduced costs, and provably secure transferability of digital finance assets.
14. Technical/financial/capacity building/other assistance
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15. Future plan for expansion of the service
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16. Other information or relevant references on the service
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17. Relevant document regarding the service
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C. Relevant Standards
18. Name(s) of any international, national legal instrument underpinning the service
UK’s Electronic Trade Documents Act 2023.
19. Electronic message standard
19A. Electronic message standard supporting the service
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19B. Type of standard for electronic message applied for the service
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20. Technical communication standard
20A. Technical communication standard supporting the service
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20B. Type of technical communication standard applied for the service
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21. Security-related standards*
21A. Security-related standard supporting the service
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21B. Type of security-related standard applied for the service
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22. Other Technical Information
22A. Interface developed for data exchange with an internal system
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22B. Other technical implementation information
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