Populous World’s invoice financing platform is now live

The Populous World invoice financing platform has completed its beta testing and has now been officially launched

The Populous World (PPT) project is finally set to launch its invoice financing platform following the completion of beta testing.

After fully completing the development of the platform, CEO Steve Nico Williams said on Twitter: “We are now officially moving from beta to live.”

The invoice platform, called PIP, is now live and available for anyone to use. In an announcement, the team said that they would “be able to facilitate a larger capacity of invoices as the system is now prepared to reliably manage users on the blockchain,” based on the status of their Ethereum addresses.

The team are “confident that the platform is now ready for commercial use.”

The beta version of the platform was launched last year, and PIP has since facilitated the sale of a couple million dollars worth of invoices which were repaid (with profits) over the Ethereum network.

Invoice financing

Invoice financing is reported to be a $3 trillion-a-year global market. It helps businesses with cash flow by allowing them to sell invoices immediately after they have been raised – instead of waiting for the 30, 60, or even 90-day payment terms requested by debtors.

Populous World aims to help companies sell invoices for typically 95% of their value for an invoice with 30-day payment terms. To facilitate the matching of invoice buyers and sellers, the team have built a native (and incentive-driven) credit rating platform that will initially use publicly available, UK registered limited company data.

The incentive-driven PXP platform aims to create a free market of freelance data analysis professionals who will fulfill work orders created by customers, offering PXT tokens as rewards for commissioned research on the creditworthiness of companies (and their peer operations) who may be selling discounted invoices on the PIP platform.

Credit rating platform in the works 

The beta version of PXP is due to launch on June 15th 2019. This platform will also incorporate the use of the PXT token that was distributed to PPT holders via ERC-20 airdrops across the Ethereum network.

Last year, the firm launched public testing on its business data analytics XBRL platform.

XBRL (eXtensible business reporting language) is the data format that organisations like the HMRC (UK tax office) and the Securities and Exchange Commission (US financial regulator) use to report their publicly available business data.

According to the information on xbrl.org, they list 19 key organisations across Asia, Europe, and the Americas who have all adopted this global and open data standard.

A venture backed by gold

In an attempt to attract liquidity and backing for the platform, the project plans to sell a gold-backed token called XAUp at a 9% discount on its spot price (settles in 12 months).

The asset will ‘settle’ on the Populous World invoice platform (in GBP Pokens) unless a claim is made after the 12-month delivery date.

Otherwise, after 30 days’ notice, “Populous World will liquidate the gold on behalf of the buyer to receive GBP Pokens on the Populous World Platform due to storage costs.”

This discount is achieved via the invoice financing operations and hedging of gold prices on the Populous World invoice financing platform.

This mechanism effectively provides reserves and stability to pay any invoice ‘debtors’ that need to claim from the insurance plan after discounts have been paid to invoice sellers a few days after an invoice is sold on the PIP platform.

Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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