Businesses seeking to expand their operations globally are being given a boost by London-based trade-tech firm Phlo Systems, whose new technology platforms are also making it “easier, cheaper and faster” to cut through the complexity of customs declarations.

Chief executive Saurabh Goyal, who launched Phlo Systems five years ago, said: “The launch of our three new platforms comes at a crucial time for businesses which are searching for a fast and secure way to allow them to tap into the global marketplace.”

He added: “While 93 percent of businesses report cross-border commerce is a high priority for their organisations this year, nearly 1 in 4 say that the biggest operational challenge holding them back is cost, time and paperwork.”

Phlo Systems platforms – FinPhlo, OpsPhlo and TradePhlo – will allow organisations anywhere in the world to complete their customs declarations, manage the supply chain process and conduct their digital and financial trade transactions securely and reliably.

“Currently, those organisations using traditional methods are swamped with paperwork, while our aim is to revolutionise the physical experience of moving goods from country to country, making it easier and more transparent for millions of traders exporting their physical goods overseas,” said Mr Goyal.

Phlo Systems makes it easy for companies to seamlessly manager their international supply chain including customs declarations salaries across the globe, and for their employees to remit and spend their earnings everywhere.

Mr Goyal added:  “When it comes to getting goods from one country to another, it is very administration heavy, inefficient, costly and takes many days to process. By working with us SME traders will gain greater flexibility and affordability and manageability.

“One of the key factors that holds businesses back from expanding globally and reaching the next level of growth is the lack of infrastructure to support export. Virtual management gives the confidence to grow worldwide knowing they have a trusted solution in place.”

The new platforms are:

FinPhlo: A digital trade and finance platform which enables SMEs to large scale enterprises to receive and manage finance from local and regional lenders including non-banks. FinPhlo also provides visibility and transparency to the lender itself to monitor their trade finance facilities.

OpsPhlo: This will manage the entire supply chain, using a single system that meets all the requirements of a commodity trader. A Commodity Management and ERP application. OpsPhlo provides a fully transparent timeline view of all the aspects related to a trade: traceability, contracts, hedging, logistics, financing, settlement, M2M and cashflows.

TradePhlo: This is a unique cloud-based international trade management and customs declarations platform. It features a range of solutions to give businesses complete control over their trade, customs and compliance management procedures, making it easier, cheaper and faster for SME international traders to manage their customs requirements – reducing the cost of customs to less than £5/declaration.