UK – TrueCircle has launched an online platform for recyclables trading that it claims streamlines the end-to-end trading process.
The trading platform offers a series of features tailored specifically to the needs of the waste industry including computer vision quality data, real-time auction functionality, automated documentation checks as well as embedded financing and transportation.
“Recycling facilities across Europe have for decades been held back by offline and manual trading processes, which have led to foregone revenue and excessively high admin costs,” said Rishi Stocker, CEO of TrueCircle.
“We’re thrilled to be launching TrueCircle Trade, which dramatically transforms that material trading process and brings it into the 21st century.
“Lack of trust in material quality has always stood in the way of new trading relationships. We’re delighted to be solving that problem by putting our TrueCircle AI-powered quality data at the heart of transactions.”
TrueCircle Trade already has 150 verified buyers and sellers on board, with an annual purchasing capacity of 7.9 million tonnes, and they are able to communicate directly with each other on the platform using a compliant integrated chat feature.
Buyers’ documentation is available to the seller before they accept a bid, saving time on admin and compliance work, claims TrueCircle, with a central audit trail of all the required documentation related to a transaction.
TrueCircle also offers embedded financing options on certain transactions, allowing the seller to be paid on 7seven-day terms whilst allowing the buyer to pay on 60-day terms.
The launch of the online platform follows a record high of 40.6 million tonnes of waste exported by the European Union in 2021, Reuters reports.
Eurostat data showed the exports to non-EU countries, almost half of them ferrous metals such as iron and steel, were up 2.0 million tonnes in 2020, and up 80% compared with 2004 levels.
EU imports of recyclable raw materials, mostly organic products such as wood, paper and textiles made with natural fibres, reached 46.8 million tonnes in 2021, up 7% from 2004 levels.
With the launch of the online platform, these figures are expected to go up as companies and countries in Europe are shifting to recycled products in response to climate change.
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