Erste Group to adapt IoT technologies in the financing of products thanks to Arviem

Arviem’s application of IoT technology connects the physical and financial supply chains by providing a constant data stream on the location and condition of the cargo. In March this year, the startup launched IoT-enabled solutions for Working Capital optimization for both the shippers of goods and the financing institutions offering supply chain financing services to clients.

In the financial sector, the startup has won the Erste Group Bank AG (“Erste Group”) as a partner. Under the commercial and lending coverage of Erste Group, Arviem will provide inventory management solutions by buying, holding and selling raw materials, as well as slow and fast moving goods, for Erste Group customers on stock to improve their working capital position. In doing so, Arviem combines its state-of-the-art technologies and trading structure to increase visibility and security over the assets in scope and also facilitating just-in-time recognition of those assets on the balance sheets of Erste Group’s clients.

Through its cooperation with Arviem, Erste Group becomes one of the first financiers to adapt IoT technologies in the financing of products, thus positioning itself as a pioneer in service innovation on the supply-chain finance market.

“Erste customers will benefit from cutting-edge trade- and supply-chain-financing solutions that are unique in the markets we service,” comments Patrick Goetz, Managing Director for Corporate Flow Products at Erste Group.

“We are delighted to work with Erste Group towards jointly improving the status quo by innovating traditional supply chain financing models. Being able to offer a tailored, end-to-end solution to Erste clients for inventories to optimize their working capital requirements will allow Erste to strengthen its relationship with corporate customers,” says Fabio Manca, Director Working Capital Solutions at Arviem.

(Press release)