Rapid Supplier Connect Covid-19 Response
Emergency Supplier Onboarding & Inventory Availability
Rapid Supplier Connect is a collaboration between TYS and IBM that offers a single-source of truth combined with a marketplace to meet non-traditional suppliers and see their inventory availability.
During this time of emergency many healthcare providers are facing shortages of critical supplies and turning to new and unproven suppliers around the world to fill these gaps. Vetting and onboarding new suppliers is time consuming during the best of times, but now speed is of the essence.
TYS Network for Rapid Supplier Connect
- Discover non-traditional suppliers for critical supplies
- Minimizes risk & speeds onboarding
- Centralized view of critical supplies
- Optional paymaster services for financial security
- Optional inspection services for delivery integrity
- Common identity, accesible to any buyers on network
- Reduced time to first transaction
- Improved discoverability
TYS provides a trusted network of suppliers. All suppliers meet rigid qualification criteria:
- Suppliers must be invited by a reputable paymaster, IBM (or channel partner) or a TYS buyer
- Supplier must be good standing in its traditional business.
- Supplier detail is vetted using third party services such as Dun & Bradstreet
Rapid Supplier Connect is a partnership with IBM that provides inventory visibility and an Onboarding & Support team. Learn more
Financial transactions can be secured using paymaster services from CDAX, providing payment security, visibility, delivery inspection, and transactional coherence.
In order to help stakeholders more effectively respond to the epidemic, we are offering free Trust Your Supplier access to buyers and suppliers. Working together, we can improve the process of getting critical materials to our communities.
Please give us 30 minutes of your time to hear how this platform can help. Join a Rapid Supplier Connect webinar to learn more and connect with our onboarding support team.
What is Trust Your Supplier?
TYS is a strategic collaboration between Chainyard and IBM. With a focus on supplier onboarding and validation, TYS provides suppliers with a “digital passport” that includes the information required to do information with large companies. By shifting the point to point process of validating supplier identity to a business network, TYS reduces cost and risk for buyers and suppliers alike.
What are you trying to achieve through this initiative?
We are leveraging TYS’s underlying technology to establish a trusted source of supplier information for COVID 19 related products that reduces financial risk and helps health care providers and governments access the products they need to respond to the outbreak.
Why are you creating a trusted supplier marketplace around COVID 19?
Buyers are procuring goods and services in the context of a supply constrained situation where they need to quickly assess the credibility of new suppliers—this has created substantial challenges for both buyers and suppliers in relation to getting critical products to those in need.
How are you planning on improving current supply chain challenges?
Suppliers will have the opportunity to create a “digital passport” which contains their business information, certifications, products in stock, etc. After completing a profile, suppliers can share this data with any buyer on the network. To the extent possible, Trust Your Supplier will validate suppliers self-reported information using 3rd party data. If buyers identify fraudulent suppliers on the network, they can contact TYS staff who will investigate the incident and remove the supplier from the network as required.
Who is eligible to register as a buyer on the network?
Governments, healthcare providers, and retailers are eligible to participate as buyers on the network. In an effort to improve the supplier engagement process, brokers and distributors are not eligible to participate as buyers.
How much does it cost?
Buyers and suppliers get free access to the platform. There are optional paymaster services for a fee.
Why should we get engaged with this initiative?
To help more effectively respond to the crisis by developing a network of trusted buyers and suppliers for COVID 19 related supplies.
Are the buyers funds sent to CDAX?
The money is sent to, and then resides in the buyers CUSTODY account at City National Bank, until it is directed by CDAX to be released to the pre-agreed seller accounts or back to the buyer.
What is a Custody Account and how does it work?
A CUSTODY account is a financial account set up for the benefit of a beneficiary, and administered by a 3rd party, known as a custodian, who has a fiduciary obligation to the beneficiary.
How are the funds in the custody account managed?
At CDAX, we follow anti money laundering provisions as laid out by various regulators worldwide following best practices as per our regulatory requirements. Our client funds are held in custody accounts. The custody account have levels of security built into the process and technology against the risk of loss. The fiduciary infrastructure allows enhanced levels of corporate responsibility. The custody account(s) are segregated from our operating accounts and we have various robust insurances in place.
You mentioned regulatory requirements, is CDAX a regulated entity?
CDAX.im is the parent company of FX.im Limited. Under the CDAX Group, FX.IM Limited currency exchange services are provided by The Currency Cloud Limited. Registered in England No. 06323311. Registered Office: Stewardship Building 1st Floor, 12 Steward Street London E1 6FQ. The Currency Cloud Limited is authorized by the Financial Conduct Authority under the Electronic Money Regulations 2011 for the issuing of electronic money. FCA registration number: 900199. FX.IM Limited is registered with HMRC as a money service business. FX.IM Limited is a company registered in England and Wales with company registration number 11291445. CDAX is currently being authorized directly with the Financial Conduct Authority under the Payment Service Regulations 2017, for the provision of payment services, and, additional to FX.IM Limited’s HMRC registration, CDAX.im is being registered directly as a money services business with HM Revenue and Customs.