WorldTrade uses smart contract-fulfillment technologies as a new addition to WorldFirst's worldwide sourcing payment solutions to safeguard and enhance SME buyers' sourcing processes by providing:

Improved buyer fund protection: WorldTrade reduces the risk of financial losses from fraudulent transactions by enforcing contractual obligations and closely examining the dependability of vendors.

Prompt delivery of goods: Upon the trading partners' agreement, the WorldTrade system can start processing payments and delivering items in accordance with the terms and deadlines specified in the agreement.

Faster payment to vendors: WorldTrade gives foreign customers the option to pay their suppliers with credit cards, debit cards, or the WorldFirst platform World Account, while facilitating instant payment straight into the accounts of the sellers. An overseas B2B trade payment is typically processed through current channels in one hour to seven days.

Lower Transaction Costs: By using World Account, both the buyer and the seller can save more money on transaction fees and exchange rates. An SME using WorldFirst to handle $10 million worth of commerce annually might save at least $10,000 in transaction fees annually.

WorldFirst's extensive collaborations with banks, customs offices, and logistics providers enable WorldTrade to consolidate and validate critical trade transaction information, such as payments, customs clearance, and delivery, enabling WorldTrade to facilitate smart contract fulfillment.

"The goal of launching WorldTrade is to increase confidence in business-to-business trade via digital channels," stated Ma Qisheng, WorldFirst's Head of Global B2B Business. "WorldTrade minimizes trade barriers and streamlines international business interactions by facilitating intelligent payment processing in line with agreed trade terms."

Along with WorldTrade, WorldFirst works with 1688, one of the biggest wholesale marketplaces in China, to provide international buyers with the Cross-border Pay option for sourcing from China. With the help of the solution, global SME customers may pay 1688 sellers without having to open an onshore bank account in China and can take advantage of extremely favorable foreign exchange rates.

The first recognized cross-border payment partner of 1688 is WorldFirst. Due to strong worldwide demand, the 1688 solution's transaction volume increased at an average annual rate of more than 70% between 2019 and 2023.