40Seas, an accounts receivable management platform for SMEs, has launched its Trade Insurance Management solution for SMEs. The platform enables live coverage tracking and digital policy compliance for global SMEs and supports coverage from insurers such as Allianz Trade, Atradius, Coface and AIG.
Companies, especially SMEs, struggle with manual management of trade insurance policies. That leads to clerical oversights resulting in coverage lapses, denied claims, and damaging losses. The 40Seas Trade Insurance Management solution simplifies the claims process, helping suppliers to recover payments should a buyer default. The solution integrates with existing ERP and financial systems, next to the leading insurance carriers, providing real-time insights into outstanding invoices and payment statuses while facilitating B2B payments processing in multiple currencies.
40Seas Trade Finance supports immediate payment of all insured invoices on the platform, enabling companies to offer extended payment terms of up to 90 days to their customers without impacting cash flow or absorbing credit risk The ability to extend terms securely can also strengthen relationships with buyers, fostering a sense of loyalty and encouraging repeat business.
Suppliers can also leverage 40Seas’ platform for KYB and risk underwriting, helping them make informed decisions about who to extend credit to and under what terms. Suppliers can set a credit limit for each customer so that when an invoice is issued, the customer can see it. When they’ve passed the designated credit limit, they know they must pay the pending invoice up-front, mitigating the risk of payment delays. The platform also collects and presents information for limit applications, claims, and other policy management needs.
Within the 40Seas dashboard, if a supplier wants to take out insurance on a customer, they can click “apply for insurance”, and then the platform provides an update if the insurer approved it and for how much. In the event of coverage being discontinued, the 40Seas platform automatically updates the supplier directly. Suppliers can also embed the solution via API to their ERP or internal applications to automate customer onboarding, KYB, risk management, and trade insurance management.
“Imagine a business issuing 200-plus invoices to customers each week, offering net-30 terms,” 40Seas co-founder and CEO Eyal Moldovan said. “With traditional models, they would have to meticulously check the validity of trade insurance for each client. We are alleviating this significant administrative burden for suppliers, mitigating the risk of payment defaults, while also giving them the safety net to extend payment terms to new buyers – even SMEs without long-standing credit histories.”
“Offering extended payment terms with the backing of 40Seas’ trade insurance empowers us to support our buyers’ financial needs and help them manage their cash flow more effectively,” Portless founder and CEO Izzy Rosenzweig added. “Knowing that payments are secured irrespective of buyer behavior allows us to focus on strategic growth rather than worrying about day-to-day receivables.”
