Continuity API pioneers the next generation of supply chain technology for institutions.
Today, we’re proud to announce that Frest Supply Co (FSCO) has integrated Hedera into its Continuity payment trigger API, previously used on the discontinued private Mastercard Provenance (MP) blockchain.
Through the Continuity API, Hedera can now connect to ACH (bank-to-bank payments), the Mastercard network, and soon the Mastercard Payment Gateway Services (MPGS) that focuses on serving online use cases like e-commerce, as well as other forthcoming Mastercard web3 and digital asset products.
Designed to be ‘plug and play’ requiring no additional integration for projects utilizing MP, the Continuity sandbox has already attracted the largest former users of Mastercard’s private network, paving the way for these companies to adopt Hedera.
In addition to legacy MP users, the Continuity API enables any use case that requires event-based payment automation, particularly across the supply chain.
FSCO decided to leverage Hedera after rigorously testing out multiple other blockchain networks. The unmatched scalability, low fixed fees, and sustainability presented a clear value proposition. Combined with this, the unique Hedera Governing Council is an attractive model for a use case in the financial space and provides the stability that big companies need to deploy.
Hedera is a performant general-purpose ledger, which FSCO demonstrates in 3 different but related use cases - supply chain & IoT, Real-World Asset (RWA) tokenization, and next-generation payments.
$3 Billion Supply Chain Use Case
This payment trigger functionality that Continuity provides is a core component of FSCOs product offering on the Hedera network – the tokenization and financialization of Real-World Assets (RWAs) and events throughout the agricultural supply chain.
As items move from location to location, payments must be released only when their pre-approved conditions are met. For instance, if 250 2.5m x 6m shipping containers are received instead of 500 2.5m x 6m, the payment should not go through. If conditions are met, they should. Here, payment triggers combined with Internet-of-Things (IoT) devices automate this process, greatly improving efficiency.
Historically, supply chain management has been opaque. By leveraging Hedera, FSCO also brings unprecedented transparency, providing rich data to financiers who need to calculate their credit-risk assessments.
Where financiers were once dependent on simple balance sheets and P&L declarations, they can now analyze and validate that goods/assets are flowing into and out of business, enabling them to substantiate cash flows as a result of those events on a continuous basis.
Processing $700m worth of assets in the past year, FSCO is targeting $3bn over the next 12 months as it moves to accelerate payments across Australia's agribusiness and food manufacturing sectors.
As FSCO continues to scale, they will leverage all major Hedera services: the Hedera Consensus Service (HCS), Hedera Token Service (HTS), and Hedera Smart Contract Service (HSCS). A Hedera Guardian integration is also on the roadmap.
We greatly look forward to the future of this relationship.