During the DEMOvation Challenge, attendees visited six startups in their virtual booth to view a demo of their new technology. Startups were judged for a Best in Show Award voted on by attendees. <i>The following is a transcript generated by AI technology that has been lightly edited but still contains errors.</i> [toggle title="TRANSCRIPT"] <div class="transcript-scroll-box"> Bianca Chan Hi, everyone. Thanks for tuning into this short session as part of our demonstration challenge, which gives you an opportunity to explore new technologies on the forefront of banking innovation. A reminder of the ground rules, six startups will demo their technology and attendees can meet startup founders and ask follow up questions regarding their products. During this one hour window. attendees will have the chance to vote for their favorite demo, and we'll invite the two finalists back tomorrow for a judging round to determine which startup is the Best in Show as Innovation Challenge winner. Now on to the demo with us we have you know, whoa besch chief growth Officer of truck circle, you're not taking away. Youmna Hobeiche Thank you, Bianca. Just a moment. Hello everyone. I knew not one of the co founders and CG o trucks or businesses are struggling to get paid. And if they struggle, they don't have enough liquidity maybe to be able to pay their suppliers or maybe expand and acquire new customers. So we at chalk circle we have developed an AI platform specialized and AR and AP management that offsets receivables with payables and a better, faster and cheaper way. You can just consider trust circle as your collection and payment officer. So that how does it work? Our technology is divided into three payment types, circular netting, chain netting, and one to one payment. Circular netting is the case when three or more businesses are working together and the closed environment. We add truck circle, we would detect the connection between these three businesses and propose a netting deal. If all if the netting deal is the common amount between the invoices, if users accept the netting deal, automatic receipts are generated, and each will have a crease revenue collection and decreases payables simultaneously without moving and what are the advantages, of course, optimization of AR and AP managed accounts receivables and account payables, as well as increasing the efficiency of the invoices with respect to the capital use. It's fast, it's secure, it's cost effective, and there's no effects fees. Second form of our technology, the payment chain, the payment chain, as is the case when a business chain is formed, but not complete. So we are truck circle, we detect the connection between these businesses and remove the financial gridlock problem and help these businesses net out. How are we able to do so by completing the circle and giving incentives to the first one and to the last one in the chain? What are the advantages, of course, it's optimizations of receivables and payables. And the first and last payable, payer would either get paid more or painless, it's fast, it's secure, and it's cost effective. Third form of our technology is the one to one thing, one to one payment is when there is the delta is there is still a delta and the payment, you can always pay through truck circle at a very competitive rate. What are the advantages minimization of the number of transaction optimizations of receivables and payables and getting a corporate rate while still being secured fast and cost effective. We have our mobile application that's already present on the Apple Store and Google Play. It's the version 0.2 of our product. And we are currently developing a web version as well as API integrations to accounting software's. It's very easy to use, you just need to connect your accounting software to truck circle through an API integration, and then take it on from there by confirming your the invoice received and accepting or, and accepting and selecting deals and hence reducing your costs to the minimum. The integration is very seamless. You just need to provide the API as I previously mentioned, and to talk circle and connect your company's API to talk circles API. The whole process takes only two to six weeks, and we have a technical team that will be completely deployed to work on the project alongside the CTO and IT team of the company are around our software is secure by itself. Truck circle doesn't pull your invoices data only the pending receivables and payable amounts are both encrypted and safe on a private virtual server. All Users passwords are automatically hashed. API's are encrypted and users have only access to their direct related supplier and direct related buyer and due diligence is done twice. First by verifying The that the invoices correct. The second form is by verifying and accepting that in the netting deals, we have a support team between Zurich and Swiss, Switzerland and Kelvin and they in the USA and California in the Bay Area fully deployed to help you. with whatever request you have. Our fees is only 1% per netted deal by amount. By receiver, you can try it for free, there is no hidden fees, we are two times cheaper than even the electronic payments such as MasterCard, or Visa card were four times cheaper than factoring your invoices, and we're six times cheaper than in business law. We offer our solution for corporate as a white label revenue sharing model, we share our revenue with the corporate partner, depending on the business traffic and businesses will profit from a network and netting network as well as a lower working capital and a new revenue stream. Our focus market at the moment is the factoring firms. Yes, you would say that factoring actually is a competitor to us. However, we think we can give it an additional advantage for every factoring invoice, we can improve the efficiency, the operational efficiency of the invoices factory per working capital by at least 434%. And we consider the factoring firms as our growth catalyst. It's a three point $17 billion industry with a 14.6% anticipated growth rate. So let me go through very quickly through our product, you can download our application on Google Play as well as Apple Store, it's very easy, you just need to sign in, it's very secure and very private. You just need to send your invoice and hit the button send accept that the invoice is received, you will automatically receive notifications that that the invoice is received, received and approved and you can follow up on all the notifications. User B is also notified once the invoice is received. It is up to the users to accept the netting deals and reject the netting deal. So as soon as the invoice is received and accepted, this is where we would search for netting deals and propose to you and you have the right to accept or reject. As as soon as you accept any lightning deal automatic receipts are generated. This is our mobile application. And we're currently developing the web version, and it's going to have the same user interface. You can also review the transactions through the ledger where you have the receivables the payables and receive to ensure that every work has been done. Thank you for your time votes for chalk circle. Thank you. Bianca Chan Thank you so much even after the demo for any attendees curious to learn more about chalk circle and its technology. Please visit the chalk circle team and their virtual booth. And don't forget to vote for which startup you think is Best in Show. Voting is open until 8pm. Eastern today. see you all tomorrow at 11am. Eastern for the judging round. Thank you so much. Youmna Hobeiche Thank you </div> [/toggle]
