 Perfect, cool, Tristin, Todd, I'll go through a reading of the Linux Foundation Antitrust policy very briefly and then I will handle it up to you to have the meaning. Linux Foundation meetings involve participation by industry competitors and is the intention of the Linux Foundation to conduct all of its activities in accordance with applicable antitrust and competition laws. It is therefore extremely important that these dates meeting genders and be aware of and not participate in any activities that are prohibited under applicable US State Federal or foreign antitrust and competition laws. Examples of types of actions that are prohibited at the Linux Foundation meetings and in connection with the Linux Foundation activities are described in the Linux Foundation Trust policy. If you have questions about these matters, please contact your company council, or if you're a member of the Linux Foundation feel free to contact Andrea of the Grove of the third of Gasper of the Grove LLP, which provides legal counsel to the Linux Foundation. Hyperledger is committed to creating safe and welcoming community for all. More information please visit our hyperledger code of conduct. Perfect. Glad to have you both here. It's all in the scene. It's not for me to hear from you today. And very quickly, I would love to listen to you and talk. What would be you to sing. Yes, I will kick us off. Thank you, Andrea. Appreciate it. Thank you for having us here today. I'm Kristen Michelle. I'm the head of inbox for liquid X. Just quick kind of background on my background. I grew up in non traditional space in corporate America. So 10 years at IBM 10 years at GE. In Treasury and financial systems rules came over to liquid X about two years ago to build out an amazing platform called in block and we'll talk about that today at their platform that runs on the distributed ledger technology and title let you introduce yourself. Great. Great. Thank you, Kristen. My name is Todd Kennedy and I've been with liquid X for about a year and a half. And similar to Kristen I came from the world of the incumbent. I worked for a trade is trade credit insurance which is the second largest trade credit insurance company globally. I worked for Zurich insurance. I worked with Euler Hermes who's an alliance company which is the largest trade credit insurance company in the world. And in between I also worked for two commercial finance companies GE capital, Chris and I actually overlapped a little bit there as well as text on financial My background comes from the large corporate incumbents now to the FinTech and share tech space which has been a quite exciting evolution for me personally but also professionally. So looking forward to speaking with everybody today. Awesome. So I would encourage if folks have questions to I know Andre is going to ask us some questions as well at the end but if you have any questions feel free to enter them in the chat we'd love this to be more interactive as well. I'm going to take you through kind of what our company does, why the distributed ledger technology a practical use case around it and we hope it's kind of interesting for you all and that there's that interaction on questions. So just a little bit of background on who liquid X is liquid X was founded years back and really started on the monetization side so really doing receivables financing. So we have products today in block and liquid X 360 in block is our what we call our digital asset servicing platform so it was really built aimed at the corporate space initially to really automate the order to cash and invoice to pay process for corporates using distributed ledger technology to trace the invoice to purchase order associated documents contracts policies. So over time we'll take you through a use case on that outside of the corporate space as well. A liquid X 360 was started as a place to sell your invoices and this evolved we do not only the AR sale but supply chain finance trade credit insurance as Todd mentioned and so that's really our platform for really financing traditional assets and so the two were canned in hand with one another and provide real benefits to the funders so asset managers banks on liquidity and financing as well as to the corporates on actually funding those working capital place. So we like to use this slide to kind of explain our business a bit. I think about the trade finance space and the ecosystem. It really starts on the left hand side of this page so you know where does the asset arise that it could be the purchase order it could be the invoice, the associated artifacts around that the bill of laying shipping notification so it's really around the how on how assets arrive and how they're linked together. So there are some challenges and we'll talk a little bit about this is that a lot of times these assets are manual in nature right so they're physical documents, you know buildings have complicated stamps signatures on them. Even when they're digitized sometimes people say they're digitized they think of digitization as a PDF which is still a physical form of a document in many cases. So we're really about automating and linking the asset process of digitizing the asset getting that into a workflow connecting the data on the left hand side of the page. And then on the right hand side is where we monetize them we offer these different products that allow you know the corporate treasurer, the AR AP leader to actually finance those assets so whether they're selling those invoices. They're participating as a supplier in a supply chain finance program to again monetize those assets, or they're ensuring those assets as invoices. We also have for our funders we also have the ability to actually distribute those assets and this will be important. As you think about the benefits of the distributed ledger technology. A lot of times the banks will purchase an invoice and then they'll distribute that to other banks and that trace the ability on the asset is very important as you think about the applicability of hyper ledger. Todd, feel free to add if you have anything you want to add in to. So let's talk a little bit about sorry, Ted, did you want to say something. Well, if you could go back person really quick. You know one of the things I was just going to mention here, and you know you, the audience is probably have seen this there's a lot of fintechs and ensure text out there that are very siloed in their approach right. When you look at what person just described, we've tried to bring the entire ecosystem or what we call the wing to wing together to basically give the corporate treasurer the bank, you know whoever that constituent may be the entire solution at their fingertips for working capital trade finance, insurances, you know, and so on and so forth, and really leveraging that DLT the blockchain in that traceability aspect that you know we're going to touch on more today. Perfect. So, when I think about kind of my prior life in the corporate space running payments let's say for GE. One of the challenges I had a lot of times we would have automation, but it would only be for a percentage of the process. And we see this with our client base, a large portion of our clients they just struggle with some of the basics around digitizing truly digitizing an invoice a purchase order, linking that to each other. You know the purchase order and the invoice don't always work independent of one another right there linked a lot of times there's limits enforced your purchase order. And when you go to actually finance those you finance the invoice or the asset the bank the fund or the asset manager wants to see the history on that asset as well and then you have to pull together all this physical documentation connected to each other. So a big part of in block, aside from blockchain is the fact that we actually do a lot of the digitization and automation right so what we've done is is we've used a machine learning and AI to automate and digitize those artifacts so an invoice is coming in a PDF form, and then the OCR technology for scraping that. And what that does is it allows us to place that, you know, physical asset into a digital form so now it's data or code. And once it's in that form then we can do so much more with it across our ecosystem. As Todd said the wing to wing is kind of our, our big opportunity for transforming the space and connecting with other providers to make sure we have this massive ecosystem. So once we get that asset digitized we then do a verification so, as many of you know, in the trade finance space there is elements of fraud right so we can do duplication checks. We can start to connect right and verify the connectivity of that asset to other documents so think about the bill of lading document we can connect that invoice to the bill of lading on that bill of lading a lot of time is is a shipping vessel right we can do a validation vessel. And then we connect it right so once it's been verified digitized transformed verify then we connect that asset across the ecosystem. And so we can start to then apply our algorithms on whether that asset is available for financing or is it connected and available to be finance on the 360 platform can it participate another program. Does it have to be a confirm payable so does it have to be sent to a buyer to actually approve that invoice, and go through that workflow before it could be monetized title talk about the use case around trade credit insurance later as well and so the same workflow can be used across. Part two is it's scalable so that it's not just about an invoice and kind of digitizing the invoice but the same algorithm can apply to any asset class that serves you know whether in a physical or digital form. One of the things then we do is we get that into the workflow so as I mentioned earlier this was, you know, the invoice doesn't kind of reside independent in the trade finance space of invoices either part of a procure to pay or order to cash process likely right so a supplier might be invoicing their buyer digitizing that invoice sending it to the buyer, getting the three way match done when the goods are received and then the approval from the buyer and the payment. It could be the reverse side where the buyer is in and wanting to originate digital secure assets as well. And so, once we've digitized that invoice and we can do it through that front and they talked about, or through digitized with the ERPs, you can then get this digital form of the asset into a workflow right and so in this example. It could be an inventory report right it could be part of an inventory finance deal that needs to be linked to the purchase order and invoice. So this is kind of the importance as we start to think about the applicability of blockchain and the distributed ledger technology. In the traditional corporate space, a lot of times, every corporate is looking at their own ERP. And those corporates also have multi ERPs in many cases, or some don't even have an ERP. So the, with the distributed ledger technology allows is that traceability and that shared visibility across the asset. So in an inventory finance deal, for example, there could be up to eight participants as part of that. You have the buyer, the supplier, the funder, the warehouse manager, a lot of times there are services. And it becomes hard is that everybody has their own source of truth in their ERP or their tracking system, and what this solution allows is that centralized visibility that's enabled through the blockchain technology. So wanted to talk about a practical use case and once I get to this is Todd's kind of talking about a look at the chat because I see some questions have come in Andrea maybe after Todd's then we can grab some of those. So if we think about the trade credit insurance use case. So there's two kind of. Go ahead Andrea sorry. Oh, I was just saying okay, if I see some question popping up. Perfect. I think about trade credit insurance, trade credit insurance, there's kind of two forms of an asset that we need to think about starting with right so you've got the credit insurance policy and invoices. We're receiving invoices through an API with an ERP, we can also have the physical form like I show here of an invoice that has come in and a PDF and in many cases has to be rekeyed into a system, or can go through an OCR scraper that has, you know, a mild effectiveness. So we will ingest the policy, which is structured and unstructured data will ingest the invoices, we will digitize both of those so turning the credit insurance policy into a smart contract digitizing the invoice into data or code and running that verification. The next piece is that will do the connectivity across right. So we'll start to connect the invoices let's say to a purchase order on file. We'll look at the history on that purchase order. We'll look at other connected documents that are stored in the in block vaults. And then in parallel we'll start to validate so we're going to look for duplicates is this a new policy is this an existing policy is this an update to a policy. The same thing for the invoices is this just the state change to an invoice it's moved from approved depending receipt is it kind of issued right, and we'll do the verification on that. And then we'll define the linkage between the two and that's the kind of sweet spot that we're trying to get to which is, let's get the policy in. A lot of times it's a physical multi page document with structured and unstructured data. Let's get the invoices in that could traditionally come in through a hybrid of means. And then let's connect those and Todd's going to talk about the business use case behind that on the impact and the savings that comes with kind of linking the policy and the invoice together. And, you know, Chris and touched on a few very important points. Right now the way policies work. You have the insurance policy here, and you have the invoices over here. Right and they're very separate because they're not even on the same system typically insurance policies are not on the system at all. It's a very static analog paper contract that you either put on your desk or put on a shelf. The interesting thing about that is that insurance policy when we're looking at trade credit insurance ensures those invoices that you as a corporate have sold, and that is due to you, or if you're a banker that you've lent against or have sold under a receivable purchase program so what you know going back to what Kristen was saying by us not only digitizing but basically bringing those two assets as we call them together gives that traceability visibility understanding of basically will this greater comfort of will this policy perform. Do I have contract certainty because like what we have today and this is a, you know, if you please refer to the table on the on the right. When you look at how credit insurance is transacted today is highly analog. It's incredibly manual. And really if you think about it, resource intensive and error human error prone, right when you have resource intensive manual processes. Something might get entered wrong something might be input that wrong someone might be on vacation that you know, forces a breach of the threshold that is required under the policy. So, when we look at this, we say okay how can we digitize everything from the request of quote down through a claim, filing a claim. And this is what we basically have addressed with our in block digital policy management system and our overall and trade credit insurance digital portal. So like when I when I came to liquid X. There's a lot of talk about where's the future going where's this industry going. And a lot of the participants and this could be brokers the banks, the insurance carriers at pretty high levels. They do really believe that anywhere between 30 and the moment upwards of 50% of my industry of our industry will be either originated managed and transacted online. As because of what I just mentioned, right, like these analog modes of dialogue and communication manual processes, they just can't keep up with the new pace of trade transactions. Right. And once you digitize all of these, all of these aspects of a trade credit insurance program. The entire ecosystem gets trade greater transparency which is very very well lacking today, but also they're able to put into smarter processes. Right. And it goes back to that contract certainty confidence that their policy will perform. And like when you look at getting an insurance policy right you have, you reach out to your representative you reach out to the insurance company or broker. You go back and forth with emails phone calls PDFs, and then you bind right and that alone takes probably around four to six weeks if you know if people on the line have purchased is probably a fourth four to six week process. But then the management of the policy is actually the most important part. Right. And that, that's where the reporting requirements come in that's where you have to make sure that the buyer is eligible. Confirm the authenticity authenticity of the buyer, just basically ensuring that everything that is supposed to happen under the policy is happening. But unfortunately, a lot of people do not have that visibility under that, because everything's done very in different silos, right you have, you have your working capital systems here you have your Treasury management systems over here AP a arch systems over here. A lot of times they do interconnect sometimes they don't sometimes a little bit disconnected or disjointed. And then the policy sitting over by itself, you know waiting for the actions to be taken, based on what the terms and conditions say, right so when we take everything and digitize that entire process. A lot of those question marks go away. Right so in and I want to get into that a little bit more in the next slide Kristen if you could just go to the next slide. When you think about digitization of credit insurance. We view it through these three pillars, and all these pillars are really based on underlying risk management principles. Earlier today I shared with you my background, I basically work for insurers. My entire career. Right so like when we were building this out I thought to myself risk, risk, risk, how can we mitigate this risk because insurance is a risk mitigation tool and that's kind of how I'm kind of geared. So when you look today right you'll like that middle pillar credit insurance online, you know, we basically developed the first online platform for trade credit insurance or in 2018 around three years ago. And what you've seen of late is a handful of other companies come on and basically launch platforms in different geographic regions globally. And I tell you that's great that's a first great step. You know what I mean because like right now they showed before man along time delay, just just very inefficient way of sourcing and binding capacity. But in my view and in our view here at liquid X, that's really part of the equation, right because it's one thing to buy credit insurance and source that capacity you need online. But if you can't if you don't digitize and automate those processes. What does that coverage mean if the policy doesn't perform right so we view it as that first and most important step. In block digital policy management. So what does that mean converting that policy into a smart contract. And since we already have the invoices digitizes wealth through in block as Kristen mentioned. They can now talk together we have two smart contracts talking together because each basically turned into a line of code. So we go from a, and I always say this and I, and I feel odd saying it, but an insurance policy as it stands today is a piece of paper, it's static and somewhat dumb, because it doesn't interact with anybody. Once a smart now starts interacting. And once that policy starts talking. The benefits come in right, we could verify the receivables are eligible based on the terms conditions of the policy in voicing period terms of payment, amongst other type of parameters, but also we could confirm debt or authenticity. What does that mean. So a lot of times what you'll see is you might be selling, or if you're a bank buying the AR of ABC Corp. 100 Main Street period Illinois, does number 12345. But on the policy is ABC Inc same number of different guns numbered separate legal entity. It's also a breach of the credit insurance policy for most carriers, right so we could also confirm that authenticity and eligibility of that particular debtor. But it's also tracking the, the performance of the assets and when I say the asset I mean the invoices right. Are they paying properly, are they going through. There's no way to do situation occurring right because in most trade in all trade credit insurance policies. There's a very strict rule that within a certain certain timeframe, after the original due date. A report is required to the carrier. Right. And when you think of like, you know, my industry has gotten a lot of, let's say negativity surrounding it because they're like, Oh, and actually probably all insurance right insurance doesn't want to pay. You're going to find a way not to pay the claim. And I understand some of those, some of that feedback right but when I actually talked to a lot of the people within my world, my former employers the head of claims and whatnot. Upwards of 85%, if not more of denied claims are due to human error. And really what drives that human error. Number one, the endorsed terms of payment on the actual invoice were greater than the endorsed terms of payment on the policy. That's a human error. Number two, the legal entity insured under the policy was different than the legal entity that was actually being sold to again oversight human error. Last but not least, the claims or past due reporting threshold of the of the policy was breached. So again that that could be as simple as just forgetting someone's on vacation someone's on sick someone had a family emergency and that breached. And then when you get back you kind of forget what's going on and then 1015 days later you finally come around to it. That's a very strict term and condition of that policy which would lead to a claim denial so if you really think about it. You know, and if you look into 2020. Most of the trade credit insurance carriers had lost ratios at the low end 80 90% upwards of 125%. During the credit crisis, I think the lowest was about 125 125% loss ratio. So the industry pays the claims, however, there are conditions under those policies that have to be met. And what we've done with our in block digital policy management module and service, we've basically automated all all of those manual processes to mitigate that operational risk, give contracts certainty, and give everyone in the, all the constituents, more confidence that policy will actually perform credit insurance online the second pillar already touched on this but really this is for new new policies. If you have your large purchaser credit insurance, you can launch new new policies through the platform. And what's nice there if you have a let's say pre agreed wordings with your different carriers with your insurance panel. They're already a part of the portal. So once you add or let's say you go out and get a new policy, everything's there for you and your broker basically to put together right there, right there and then. It gives you a much more efficient way to actually go out and get insurance right working together with your broker, instead of waiting back and forth and getting the emails and, you know, your broker basically then gets, you know, 1015 different responses from other carriers. And one of the things we didn't want to do or what we don't want to do it, I guess I should say, as a, as an industry itself is to piece me back information to you. So some underwriters come back really quick and say, Okay, yes, I could do this or I could do this quote at this price, or I declined it. But we don't want to just basically give that to you. We want to aggregate all of that information. So we get it through emails today, right. And then as the broker, we re enter all that information into a spreadsheet to present to you. And that takes about four weeks. Once you go online, you're getting you and your broker are getting that feedback from the underwriter in real time. So you're seeing who's coming back who's coming back quick who's a laggard, what these results look like, and then for your broker they're also then be able instead of doing a lot of data entry, adding that higher value of work for you, and, you know, talking about this company to help on pricing or to get more coverage or, you know, work on the wording that might, you know, if it's a new new program where you don't have a coverage with that particular underwriter, work on wording that needs to get done, instead of basically doing a lot of that data entry. Last but not least, we kind of bring it all together in our position or a monitor. What this does is basically, and this is really more for insurance brokers, banks, large corporates with multiple policies, more than just one policy, but we bring the entire portfolio under one umbrella. Right, regardless of the broker regardless of geography, regardless of types of policies, right so in what I mean by that is like when you look at a bank portfolio. Sometimes they're, they're the named insured through like let's say a receivable purchase program or supply chain finance program. And sometimes they're coming short with the originator, as well as them standing side by side on the policy. Sometimes depending on the bank, they're lost pay. And we've talked, we've heard a lot about lost pay situations in the news recently, given the, the, the green cell situation. I'm not necessarily talking like that. I'm talking more along the lines of there's a tremendous amount of like the day to day commercial banks out there that lend on receivables that are insured. Right, so it's more of a credit facility borrowing base structure where insurance is just there to give added comfort to the bank and added security to the bank. Now with that, a lot of times the banks don't have any visibility into what's going on there. And they don't even know sometimes that you know at the top level yes the local offices might understand and know the policies in place. But no one that senior management level know so you're not you're not getting that holistic view of the insurance that might be place, or the aggregation of the insurers that are being used across those three different subsets of policies you are going to join insured or lost pay. So what we do here we give that 360 degree access of insurance. You're able to slice and dice, basically anything you want from the highest level to the lowest levels you know highest, the most macro to the most granular level to see how that how that performance and how that portfolio is, you know, performing. And also like if you do use multiple brokers, or, you know, on the lost pay, like, you're not really, you know, have access to many of those brokers but, you know, those policyholders, we could basically entitle whoever that you would want to have access to certain policies internally and externally to help manage those programs so position risk monitor is basically what brings everything together that gives you basically unprecedented insight, but also that transparency and traceability that's really elusive in the market today. Todd, one question that came in maybe while you're talking about this is, you know, is the visibility just to the policy owner, or is it also to the funder I know you touched a little bit up on it but I just wanted to kind of raise the question maybe you can touch on it briefly. No, absolutely. Thanks, Christian, and that's a great question because, you know, the way we look at it right. What, what stakeholder or constituent does the insured want or want to grant access to to their policy, typically is their lender. It's the bank, their insurance broker or agent. It's really up to you to basically tell us who gets access. Right. And that's a great question because like on the bank side, right. There's some banks that use three, four, five different brokers. There's some corporates that do the same thing based on different geographic geographical locations. So, where the bank or the corporates getting a lot of information and really disparate in like, you know, inconsistent manners, right, and even structures. If you bring it under that one umbrella, give you the visibility you need as the insured parties. Right. But if it's broker a having you know five policies in North America broker be managing, let's say 10 in the UK so on and so forth. And we then position permission and entitle those particular stakeholders for access and view to those programs. Now we go a step further. You might want to allow the brokers to do everything on your behalf, or you might want the brokers just to have you access, totally up to you, our system, our entitlement foundation and infrastructure is built on. So you tell us who gets what access, and how much access they get to be able to read, write view only, or make decisions or, you know, prompt action upon your behalf. Perfect. Thanks Todd. The other question that came in just on insurance was around kind of multi jurisdiction and kind of how do you handle that today. You know, insurance sellers sit across different jurisdictions and then using smart contract technology to kind of manage this process and maybe kind of two cents on my side from a more technical perspective. You can talk to the more business side but you know when we think about in block and the digitization and the use of smart contracts, you know, to me that the distributed ledger technology is just one portion of the broader solution. We've overcompensated with business logic as well that enforces configurable workflows that allow you to get kind of physical and digital approvals on assets, store comments, have traceability on where those assets originate from. We hope over time that some of the business logic we've had to place on top of kind of the rest of the infrastructure will be lessened as we automate and get more comfortable as a global economy around the technology but we have, you know, just to be transparent we have overcompensate with some of the business code on the front end to kind of accommodate some of those concerns that were raised in the chat. Todd, anything you want to add to that I don't know if there was anything else you want to add to that. Yeah, absolutely so when you look at trade credit insurance right let's let's view this as I know this is a global audience. When I say you United States just you know kind of put yourself into you know your country. While there's a lot of domestic, let's say us based policies worse us us or Italy to Italy or so on and so forth. A lot of trade credit insurance now and say probably a large majority of the trade credit insurance, at least 50%, if not more is for cross border transactions. Right. So, what we do there, and how we help, let's say, confirm that authenticity of the debtor is hook up with a third party information source like a Dunham Dunham Bradstreet, like a what you veritas but that is a veritas for Latin America. Um, burrow Dan van Dyke. So, the third party company that basically helps verify so we have these unique identifiers to ensure that everything is basically copacetic within that policy, right because the last thing you want to do is buy an insurance policy, you find out the name, then you find out after the fact that is the wrong name that you actually, that you actually insured, even though it's part of the same corporate family. Right so I think it's very important for all parties, if it's the bank if it's an insured party the broker, you know, really doesn't do, does a deep dive to ensure that that account debtor is the right account debtor because that is unfortunately, you know, one of those three reasons that, you know, get a claim kicked out, and without like really confirming via a Duns or another third party entity, and then tying those voices together with the policy to ensure that traceability that audit ability. That that's really where a lot of that, let's say rubber hits the road. Awesome. So maybe just having gone through a few of the chat questions. Another one that came up just to kind of talk about what we're talking about insurance is, you know, what happens if the digitization goes wrong on the invoice rate and mismatch or an issue or missing information. One of the things mentioned previously is that we have overcompensated with some business logic on the front end. So as assets are ingested. So if we take the example of the invoice is the invoices. So the user clicks browse upload that invoices then digitally scraped, it's then presented back to the user for confirmation and those workflows are configurable because we use machine learning so over time we start to realize let's say the invoice is digitally scraped and loaded and there's a missing piece of information on the invoice that's actually required by the insurer right. The user can then enter that and we store those user actions as well and the approvals against that. Because we use machine learning can then prompt the next time we see that same pattern detected in the next time that invoice is uploaded. The system starts learning can prompt the user and so we do overcompensate a bit with some of the business logic to actually provide that extra comfort right for the funders the insurers that the data that we're ingesting is accurate by using the human. Our goal over time is eventually to eliminate some of those human actions right and that's where the process starts to scale and automate and maybe use an example that we see in the corporate space. We have a reconciliation engine right in most corporates and in a lot of the banks today. Back offices are matching the invoice, the payment and the remittance advice for a reconciliation so you know if they're a funder that's doing supply chain finance, and they're funding those assets they're having to do that back office reconciliation. They're on the corporate side and they're in the AR function, they're doing that matching. Many of our clients come to us and they start with doing that matching and Excel spreadsheets, and then we introduce our in match engine that does a reconciliation. And the first question we get a lot of times is how can I trust that the system is doing this properly right. So whether it's the ingestion and digitization of those assets or the invoice or remittance advice the payments and the workflow and so what we've seen over time is this aha moment as we kind of use the workflow to allow the user to have control over the digitization so they're able to review every asset that's digitized, and eventually they begin to trust it because they realize that there's no action they have to take against that asset over time. And then they start to actually spend their time on the insights around it so you know it's interesting that client that customer is always taking a deduction where they're taking a discount out of an allowable range is defined in our master services agreement. And so I think the same holds true across the whole ecosystem and trade finances, you know you have to kind of take a plunge in and do this digitization effort. But you have to have that cautious workflow capability to actually protect the end user and the participants up until the point they feel comfortable and confident around the technology working. So hopefully it's a long answer to a question but it's a great question because we hear it a lot with our clients as well. Yeah, yeah Kristen I was going to ask you something if that's okay. So this one, the one question and maybe this is one that you, you addressed. We're talking about funding bank digitization regarding trade credit insurance, but I think that this is across the board, and I have my view but I'd like to get your view as well. What if, if some of the information is inaccurate or missing and what's legal risks. Now, Kristen and I are both not attorneys. But, you know, right. So but one of the things like, like again I have my view but I'd like to get your view Kristen in terms of like, when we talk about automation, it doesn't necessarily mean that there's no human oversight right is exactly. So that's why we've built this workflow that kind of overcompensates but to me the, the human risk element is no different whether the assets been digitized or actually it's worse when the user is doing that through their eyes outside of a system so it's less visible so you know we've kind of prevented that in some ways or at least de risk the scenario the question that was raised by allowing this workflow that allows you to capture those changes so if Todd Linnity made a change to the invoice it's logged right and it can be approved right if you want to configure it for multiple approvals every time an invoice has changed. If a value's been scraped it'll be flagged in the digitization engine and presented to the user so the risk kind of shifts a bit instead of the risk being the person kind of fat fingering and keying in the wrong information as they digitize and and I use digitize loosely as they describe the values from an invoice over into, you know, a digital form. Now the risk is around the user reviewing and identifying items that don't look right. And to me it's a lower risk than kind of the re keying of information, but that's the Kristen Michelle opinion so yeah. Yeah, thank you Kristen because seriously like that was my thing like that's what I was going to say as well. Right when you look at a policy and we do this right now right will digitize a policy. And we digitize both terms and conditions, and we do a review right but at the end of the day right, the broker, the bank, the corporate like was ever like basically digitizing it should also reviewed as well. Now, when you look at the digitization and the automation of those day to day policy management, right, the reporting requirements and everything else. You know, what we're doing there is prompting a lot of action right there's like we're not because let's use an example for a past to report. I'm going to trade credit insurance people and users on in the in the audience. So basically, once an account is a certain day past to has to get sent to the underwriter, right. With that typically comes a little story, right sometimes it is a what we call simple past to where we're waiting for a credit or there was a small dispute on a partial invoice so once this gets taken care of everything's going to be fine. It's not going to view that as anything bad it's just the normal course of business. Now, if let's say for instance, that everything was automated in that past to just went to the underwriter with none of that backstory none of that context of what's going on. That could be incredibly harmful not just for that insured party but also globally, because a lot of the underwriters once they see a past do a legitimate past do that is of size. The underwriter start, you know, circling the lag and say okay what's going on with this particular account better. What is going on with this buyer. So, going back to what what Kristen said the risk does just basically transfer a little bit to, I'm doing everything I'm looking at this, you know, spreadsheet or aging or invoice report that has thousands and thousands of lines to initially let's set this policy up. Okay everything looks good, right get that second third set of eyes just to make sure. Once that's done a lot of other stuff falls into place and then it's just a matter of overseeing everything that you do anyway but a lot of that low value, let's say at administrative work that data entry work, or just reviewing, you know, just font six in a spreadsheet to ensure that the invoices are, you know, in line and don't have to be report. That's the kind of stuff that's being automated. Yeah, just, just, I mean, just to remark for me I mean just thoughts on my side is was very good this last part you know you were saying we saw often at our seat in the past how digitization happens. And handling of documents between the different stakeholders. And this is pretty good I mean what you mentioned Todd because you see how in the digital process, human factor is not scraped at all, it's still in it, but it's in a way it's enhanced in order to prevent any mistakes and efficiency. And this I think we should point out when talking about digitization in the future, especially in trade finance. If we want to shift all these guys Asian in the future. And so I was kind of asking, since we are here, and let's see which is, you know, hyper ledger say my feelings. You have chosen to develop your solutions and the hyper ledger protocols. What drove your decision doing this, and how she could be in your opinion, delivering your solution is we chose hyper ledger for a couple of reasons. The security aspect of it right. So we want, you know, most of our clients are either corporates, and their information is proprietary and confidential if you think about the way that they do their business and their supply chain, or funders freight and insurers and so hyper ledger was a means to actually providing a scalable technology solution in a private ecosystem. We also like type or ledger, because it was intended for the B2B space right and so we feel like it allows that kind of flexibility and adaptability across. It doesn't mean in the future we won't integrate and interoperate with networks like Ethereum and others as the use cases come to play. Because we do believe in the value of the ecosystem and you know, being interoperable with all of not only our competitors but peers as well right so the value that comes for all of us is when we find these networks that connect to one another and so that's kind of why we chose hyper ledger and you know has it paid off. Absolutely I don't think we could be any happier with the decision that we made. I mentioned earlier it's just a component of our overall solution so I think if we didn't have kind of the other leading technology components as part of in block and the 360 platform. It wouldn't be as scalable from a wing to wing perspective so you know the the distributed ledger technology plays its role in this machine learning AI plays its role are flexible configurable workflows play another role in this broader ecosystem if that makes sense Andrea. Again, it does make sense a lot to me. You mentioned about scalability. We're talking about insurance policies. Can this scale beyond an asset class in your opinion. What's your opinion into this. How do you see this in the future. Insurance policies within a trade and trade funds based picture for the non professionals we played a huge role in international exchanges and are bound to step in even more and more and more. Because the reasons that we know it's dash to that asset so I mean what about scalability for future on DLT based picture. I think there's two pieces of it I think there's this volume based scalability, which we've seen the performance work really well with hyper ledger. You know most of our clients process anywhere between 250,000 invoices a year and a million invoices a year right. So it's normal for us to receive files of 100,000 invoices at a time and have to ingest that whether we're digitizing it and justing it, and then pushing that out into our workflow and so you know we're very happy with the kind of volume based scalability. And then the other side of that is is, you know, you know, digitizing an invoice and digitizing a purchase order and digitizing a warehouse report for for inventory and connecting that data and enforcing smart contracts where there's policies and an automation are all kind of the same types of behaviors so the bet we're making is that over time we can continue to introduce new asset classes right and every time we're out working with our clients they come up with a new one right so you know we don't do letters of credit today that's one that you know we've been asked to do right. Master services agreements with the corporate so if you can digitize an insurance policy and link that to the invoice why can't you digitize a master services agreement and enforce those rules across a purchase order and invoice. Absolutely right it's the same technology that can be scaled across multiple asset types. Absolutely. Any of you Christina or talk just to question about you know when you deal with digitization data security. You know my perspective, coming from a very traditional industry in a very traditional milieu very traditional setup. I guess you told me I deal with corporate banks, insurance brokers. How do you see them dealing with data safety and data security. What's the current as to towards technology in terms of security. How do you feel about these. What's the attitude general attitude changing it's improving is stable how do you see this evolving. Yeah I think data security is at the forefront and will always continue to be. We have kind of the highest info sec reviews and ratings, we are a broad range backed company. So we in many of the major banks are our clients so we do have to raise to those standards and meet those standards for info sec reviews so. You know it's important to them from a regulatory perspective but it's important to us in general because our whole premises that you know you really automate and digitize this process that through connected data and if you can't secure your data. Then what's the point right and so I don't know Todd if you think differently but to me this is the question we get that's at the front of every discussion and that's why we spend so much of our time making sure we're protecting that data as well for our clients. Yeah, I agree 100% Kristen because whenever I speak on the insurance side. You know, a lot of the insurers are either even if they're standalone like in a trade is for you they're their own by larger organizations like you're with all the odds but then you have AIG like you're doing with these like multinational organizations that are prone to cyber. You know, and just like this information is their data right and they want to ensure that it's safe and it's kept safe but not only those entities like there's also like a great like a huge group of brokers in my space that are. They basically built up their business from the ground up over the last 10 1520 years and like this is their data is incredibly important and as Kristen mentioned like information security and InfoSec is I would say one of the first things that come to mind. When I think of liquid X because of that broad range backing and I would say it's one of our competitive advantages, because a lot of fintechs out there. Probably, and this is an assumption on my part, but I'm just going on what I've seen from my old jobs and then where I am today. Do not go through the rigorous InfoSec protocols and like we're in the middle of our, our socks audit, and the fact that broad range basically, you know, we follow those protocols in their processes. And I think that's a huge competitive advantage for us because I don't see a lot of other entities that are within, let's say our peer group, going through those levels of, let's say pain to put it mildly. But it's important, very important. I'm approaching the end of the meeting actually so I wouldn't leave it on the attendance in case of any other questions from their side. And Andre if anyone has questions afterwards. If they send it to you you can send it to us and Chris and I will be more than happy to address anything that people have. We'll be fine to have a recap between the three of us, say what we can't believe it's constantly dialled that we can put in place a course on this end of the world. It's just a few things that I do treasure lots. I mean, it's complexity and sometimes cumbersomeness of the processes. The slow motion from time to time. For me, trade insurance was a huge product in my daily life and the customers I used to deal with. So basically the basic pain point that I face was slow, slow, slow, slow traditional side. The whole of the industry is so slow. So very first time. My opinion was, we deal you imagine you deal with data and data patterns that leave a mark on the business world. I think my feeling is this technology can help, not only on the operational side but also on the formation side. You often deal with customers that you know very little or recurring ones. I have when I got my own customers in the face during this additional stage, I should know what to tell my customer. Is it insurable? Isn't it insurable? How much can I grant in terms of percentage of fees, which indeed are a factor, a factor in deeply international sales. So this could be potentially instrument that could massively help making things run much, much smoother, much quicker away. Yeah, so you highlighted a few good points when you put question marks in there. That's what disability also is. Nowadays in traditional process, you don't know where you are, what stages you have gone through, which sometimes leaves you in a dark place. So you have the means to light this up and say, hey, you went through the step, you step the step, now we have the other step to go through. This is totally different, not different actually harmonized and enhanced process. Absolutely. And I think that with that information, you know, depending on who, you know what stakeholders involved, they could start really capturing a lot of great data that could help inform future business decisions, like resource allocation, if you're a broker understanding propensities to buy where people are putting their efforts and really start even looking out at, you know, churn and, you know, portfolio retention, right. Like who's renewing, who's not, who's buying, who's not. So like, depending on what lens you look through, there's a lot to be gathered by basically bringing all this information together on harmonized and bring it into one portal because right now it's very disparate and a lot of great information is not being captured. Christine, we're coming to an end that's just now we're gone by right now. I have to rush I'm so sorry I will stay here for more than one hour simply, but let's keep the line well open between us I mean glad to go deeper into this it's great stuff I mean your solution is so interesting. So thanks for being with us today it was really interesting meeting, I thank both of you, thank the attendance for being with us today and hope to see you again in the future showing up though meetings. Thank you very much for having us. Thank you. Thank you. Thank you. Bye.