Sign New York Banking Promissory Note Template Free

Industry sign banking new york promissory note template free

recording here we are so i'll go through the policy meetings involve participating by industry compatibles and it is the intention of its foundation to conduct all of its activities in accordance with the applicable and competition laws it is therefore extremely important the latin peace is near to meeting agendas and beware of and not participate in activities there are privacy under applicable u.s state federal of foreign and trust and competition laws examples of types of actions that are prohibited at linux foundation are described in the linux foundation anti-trust policy if you have questions about this message please contact your company council or if you are a member of the linux foundation feel free to contact andrea up the grove at the firm gets me a profile which which provides legal counsel to the news foundation appalachia is committed to creating a safe and welcoming community for all for all for more information please visit our hyperledger department here we are for the very last missing of 2020 we have a pleasure to to to guests stephanie mayer and hollande so guys i'll leave them to you to have a speech about the electronic from history no symbiosis change so let you have the presentation and have the speech so first of all welcome to both of you nice to have you here this morning yeah thank you very much uh andrea it's a pleasure being here uh as roland mentioned before i will start uh showing uh our electronic promissory notes as a use case for but roland presents uh later the so-called swiss trust chain so i will i i think you should see my screen in the back now maybe uh just a few words to myself as a as a person i'm a co-founder and chief product officer of fgx otherwise i'm an attorney at la notre republic in switzerland so i worked a while in the insurance industry then i moved to academia for a phd on blockchain and securities law so how can you digitally transfer rights by using uh blockchain based uh crypto tokens and i did this i finished 2018 and then i worked a couple of years with mme so one of the major fintech law firms in switzerland uh and we we have here around 90 lawyers at mme and 30 of them are purely focused on blockchain and dlt projects and so a lot of tokenization dlt trading systems etc and now as of 2019 together with my colleagues i'm focused on one of the most paper-based instruments in the world the the promissory note and i'm i'm happy to to show you uh the current status of fkx and how you can use those uh electronic promissory notes so the claim is very simple fkx is an infrastructure provider we enable corporations to issue sign and transfer those electronic promissory nodes which we call e-notes therefore making liquidity accessible and to to also show you to kind of be the overall picture and the the starting point for our promissory notes is uh on the one side the trade finance gap um all of you i'm quite sure are uh fully aware of this the trade finance gap you have an uh a complex uh fragmented system in the era of trade finance it's mostly relates to certain jurisdictions it's um an all system from time to time outdated infrastructure so there this is the the trouble on the one side and on the other side of the investment plan that a lot of especially institutional investors seeking for uh investment opportunities and in the past especially in the past we had this very nice and powerful instrument of the promissory note um the promissory note is uh as you know an unconditional promise to pay and this it has has several substantial advantages so first of all you have a globally standardized legal framework so the law in regard to promissory note is almost the same be it in the be it in switzerland uh beating a shower or even in africa that's due to the fact that this instrument is so old during the time we had a global standardization uh secondly this instrument is both a payment and a credit instrument so you can pay by using a promissory note but it can also be used as a as a credit instrument and thirdly it has a very high uh level of legal enforceability that's because of the fact that it's an unconditional promise to pay so if you use this instrument in a supply chain finance scenario or as an alternative for for example factoring it's unrelated to the underlying contract so you as a holder of this promissory note you are sure that you receive uh the money and you do not have to care whether the the underlying contract was uh fulfilled or not and then fourthly of course it's simple as you will see that's generic and it's a transferable tradable instrument so these are the advantages then on the other side that in the meanwhile it almost died out because of these disadvantages the law prescribed a paper certificate so you need the paper you also needed a handwritten signature you had to send it by post it was not forgery proof so uh in conclusion it was extremely cumbersome to use those promissory notes um mainly because of the legal basis and what is now changing is precisely on the one side uh these legal basis and on the other side also uh the technology and now we have some substantial influence um or as a substantial um associations and consortiums focusing on the digitization of uh promissory notes and negotiable instruments in general for example uh ifa as an initiative beth is focusing precisely on this based on a delaware law so we see now a global tendency in regard to digitization of uh these instruments and in the meanwhile we also have proper legal basis allowing to issue and transfer those uh instruments electronically and uh we um as of 2019 we've built an infrastructure and also a platform precisely to issue trade sign and transfer those e notes um where can you use those e notes that's then the the obvious uh next question our focus are not only corporations which still use those promissory note in trade relations we are convinced that this promissory note this e-note can also replace certain or quite a lot of trade finance approaches uh currently existing in the era of factoring reverse factoring but doesn't regard to dynamic discounting it could even be used as a replacement or as a substitute for commercial papers so we are believe that e-nodes have the potential to disrupt certain approaches and on the other side as it's a very simple global instrument which is also cheap to use we're convinced that we can write the global market by providing e-notes um what use cases uh do we anticipate so in essence there are two different use cases we distinguish on the one side the trade loan it's a kind of a more corporate or could be a more corporate finance transaction here the the use case is very simple you as a corporation you issue uh the e-note you sell it to an investor for a certain discount and then the investor can either wait until due date and then he gets paid or it's a transferable negotiable instrument he can transfer it to any other party at any time the other major use case uh from our perspective also one of the the most promising use cases is that below in the supply chain finance area so here you always have an underlying a trade relationship a buyer and a supplier and then the buyer in this scenario is issuing an e-note he's paying its supplier by using the c note and then the supplier can in an integrated process directly further transfer dc node to an investor and from our perspective that's a win-win-win scenario so from the perspective of the buyer what you can do you have two steering possibilities on the one hand you can vary with the due date of the e note so the e note due date can be after the due date of the invoice so this means you can extend your payment terms and your payment goals very very flexibly and easily that's uh one perspective secondly you can also earn a discount so e note face value can be lower than the face value of the e note so this is the the steering perspective of the buyer then the supplier in the middle he has an obvious interest he directly receives liquidity he does not have to to wait 30 60 90 days depending on the jurisdiction and then thirdly the investor on the right side he holds an unconditional promise to pay so in contract to factoring where you have to care about the underlying trade contract whether it was fulfilled or not you have an unconditional promise to pay with a very high level of legal enforceability you can enforce it in currently 165 countries in arbitration model and it's a transferable asset so you can create the originate to distribute models so you have a lot of flexibility as in in this regard so from our perspective this instrument this promissory note in an electronic form has a huge potential for the the supply chain finance market um how is our uh tech base uh looking like so as you see here we are based on what is called the swiss trust chain since it's the swiss trust chain it's uh roland will explain this uh later on in more detail uh it's a solution it's a hyper lecture uh fabric dlt with notes at swisscom in the banking zone and that's with post in also in a banking grade environment so it's a redundant system our users do not have to care about operating their own nodes at the same time we can say it's a redundant system with a very high level of of data integrity so we we have all the advantages of a closed private system with a high level of data integrity and also we have a very trustworthy partners with swisscom and swiss post so every electronic promissory note is stored on this infrastructure what we also integrated is a qualified electronic signature so in our case just click and accept is not sufficient so we integrated this legal equivalent to the handwritten signature based on the european uida standard and every e-note and every transaction is signed by the parties with their respective qualified electronic signature that's very easy you receive them on your mobile phone when you sign on the platform a short message you insert the thing code and then by doing this all the enotes are signed by using this signature and you can also even have a math signing procedure so that you as a major corporation can use 150 e notes at the same time making it very efficient um then the last aspect how can you use our current system um we have three entry points so on the one side we we have the platform you can log in on the platform uh on the other side we provide white label solutions and then thirdly does it this is something we we do with a large german multi-billion corporation we have the possibility to directly from sap generate the instruments the the nice aspect with sap is that there is already standard functionality for promissory note but it's still focused on the paper instrument so at the end you have a print template sap is generating and what we do is we docking with sap which then we take this uh this print file and then we convert it to the electronic promissory note and then you come to our system sign it and then those instruments are transfer transferred to first supplier and then to the to the investor and this is especially nice because then as a large corporation you can still have all your automated process accounting is automated that the invoices are automatically also marked as paid by promissory note it directly goes into your also your your payment system so we can provide uh by using sap a very high level of automation um here in regards to the specific aspects of our promissory note what we for example have integrated also is an icing number so especially in the more uh corporate finance money market sector and eyes in number can be valuable for uh institutional investors so they can this facilitates uh the bookkeeping of the the instruments um we have i quickly mentioned it before an arbitration framework ensuring that the instruments can be enforced in 165 countries so that the elegant aspect with our e-note is we have one legal framework allowing the electronic issuance and transfer of the instrument then we combine it with an arbitration scheme and this arbitration scheme allows then the enforceability of the instrument almost in every country in in the world the the last country which ratified the new york convention in this regard was the kingdom of tonga so even in the kingdom of tonga you're then able to use this e-note and to enforce it in case um that's the maker is not paying the deface value then maybe the last aspect to to where do we we stand we we started 2019 we created a prototype for uh demoted to a large german car manufacturer we since then already onboarded a couple of large corporations especially in europe but but also abroad we have one swiss bank which is on board on the system we have a patent pending for the combination of private permission dlt the way we authorize corporations and why we and how we integrated the qualified electronic signature uh one of the next step is then we will also integrate a global payment service provider um we're now in the the step of closing this contract so that we do not only support the title side with the promissory note but also the the money side um i think we can skip this uh here um at this point i suggest i would hand over to you roland uh you are for us a very important person you're enabling the secure storing uh of our e-notes on your redundant system at swisscom and swiss post so i would hand over to you all right then thank you very much thank you very much dave phone to give me um also the chance to present our infrastructure offering we do have just switch the screen now there goes sorry can you see my screen now yeah you can see it yes sweetie all right so i don't want to do it uh too long then let's see if i can just all right so yeah what we do what we they've what we've done actually just looked it up in in in google so it was in december 2018 that um we announced this offering uh in switzerland it was uh december 2018 was the global forum in balsa switzerland we announced this private dlt infrastructure so we came together with post some three years ago we had this idea to uh to provide in switzerland the distributed network so a private permissioned network we chose hyperledger fabric to do this it's um today we do have we do have applications running on it so we offer it also for proof of concepts but also for uh enterprise applications it's run in tier four data center so you have we have this that's like the highest year you can get so we always talk about the enterprise grade it's even bank grade so it's running at post finance that's the financial branch of post of the post group when it's running in swisscom banking data center so there's um two partners and each has two nodes so we're having a total of four nodes at the moment we do are in in an evaluation of a third partner so um i can also publicly uh not announce the third partner yet but we are in close talks with six so the swiss um the swiss exchange um and there's a good chance that they might join this this would also add up add up to give us some more traction than in the market so any any enterprise that is having a real special requirements concerning either security data storage regulation um [Music] can just onboard on our infrastructure so it's open we are open for any international startup for abroad for any uh enterprise and of course in switzerland so the data is stored in switzerland it is um we are two trusted party and will soon be three participants in this network it's based on hyperledger fabric 1.4 at the moment but we are just in the middle of upgrading the platform so by february we are on hyperledger fabric 2.2 just to give a little bit more insight about what we do in the blockchain sector in general we do we do have a portfolio of services and solutions we are offering what we are looking right now is the swiss trust trim at the very bottom on the left so that's part of our basic infrastructure services one is um called swiss cluster chain just presented next one is network as a service that's also hyperledger fabric it's rather a sandbox it's run by swisscom only and the third one is node as a service or a gateway we offer to regulated financial institutions to offer coins or access to public chains to their clients and the next layer um is a portfolio of solutions we offer i think one that's q ite obvious is uh digital assets so we just launched we've already initiated roles of dowry in switzerland now is a platform share tokenization platforms for share and so that's one thing we did and of course we've done quite some some proof of concepts and also projects with digital objects and combination of iot smart contracts as well the newest the newest offering we do have um is electronic seals so basically you you certify a document on the blockchain and later on in the use case allows a third party to verify the authenticity of this document on the block last but not least also decentralized identity management so for all for all these use cases in this industry if you if you follow a decentralized approach you definitely need also a solution to handle your identities and and of course identity related data so for that we have a product that is called ssi gate if you would be interested in that one uh please let me know all right just to give you that's i guess that's the last slide um i just put our references and projects that we did that we did and that we do at the moment on this swiss trust chain um just put them together on a on the slide right here so the third one we've just been looking into fqx and their promissory note the e note we've just seen this one the first one i mentioned that's download that's a digital share platform for share registry for capital increase and also voting or proxy services in terms of general assembly or mera an interesting customer we do have out of the energy sector so switzerland is pushing hard for um decentralized energy production and for that then almeira is offering a platform also for automated billing one from the public sector so that's the compton of shah thousand what we did there is really to to um as today we are offering this uh document verification service so that was the first proof of concept we did with the online deck collection register extract so just imagine that you want to want to rent an apartment for example and you need you need an extract of your depth collection two projects we are um running right now so two proof of concepts that are not are not running on the platform yet but or in development one is what we call green coin a very interesting initiative um we are keen really to see this coming out of of the door can really go live that's um a sustainable marketplace that um in combination with an earmarked stable coin back to the swiss the franc there is really to reducing uh carbon dioxide emissions so a green coin which of course offers the possibility then to just to multiply this and just imagine you would have a near-marked stable coin for regional or local products could be the same uh intention when and the last one the trust wallet or the ceiling wallet so that's a digital wallet we would like to uh to offer in switzerland of course for personal documents like driving license or a vaccination or certificate and then of course i mean if you look at all these initiatives especially the last two you would have a green coin or a stable coin or an earmarked stable coin you would have a trusted trust wallet for personal documents you add this up with for example the aura where you would have a tokenized chairs if you bring this all together um i think that's our vision to have all uh tokenized objects tokenized objects shares and and documents all in one place so that's really the vision we have yeah that's all from my side i guess we would be open uh to also get some questions from from all our participants that's okay it is thank you roland thank you stefan it was very nice and very interesting presentations from both of you is there anybody would like to make questions to stefan and to roland right any there any questions something you want to know maybe also some uh yes i i have a question is thank you for this very interesting um do you have experience on from a legal point of view how how you convince companies to if they go to court um to have the same validity as paper and i'm asking because that's something i i used to face myself [Music] yes that's a that's an excellent uh question um so we first have chosen our legal framework very carefully also the three out of four co-founders are attorneys in law focus some of them are very reputable in the area of securities law so this is one aspect and then uh we wanted to avoid the situation that for example a local italian court would have them to check the legal validity of an instrument which might be based on a certain us state law and that's why we combine those instruments with an arbitration uh clause so every e note has an arbitration clause uh the arbitration is then based in switzerland and the nice aspect of this arbitration framework is that there's a new york convention from 1958 on the enforceability of arbitral awards and this dci convention has been rectified by currently 165 countries so therefore it's a very easy process if you're holder of this unconditional promise to pay you first go to the arbiter and then as it's unconditional you just have to prove that the other party the maker has not paid then you received arbitral award and this award can then be enforced as a state uh court decision in all of those 165 countries and therefore you have a process uh which also facilitates the enforcement and that making the the the instruments be usable on a global scale so that's in in essence that's also based substantially on the arbitration model uh you know just as a last point i also have to highlight that we are this e note is not a contractual rule-based model so there are certain projects also in the market they create those contractual relationships and then you contractually define you would handle the instrument as it were a promissory note but we are really using the the proper legal basis for this instrument and that's also an advantage your question no it does so you're not following the english law you have this arbitration yes based on uk law it's at the moment not possible to transfer those instruments electronically okay uh yeah is focusing on on the moment they also intend to change uk law we have a different uh legal base it's more focused on the us but as you combine it with those uh global enforcement scheme you can you really use it on a global scale so we do not have to wait until uk adopted any changes in law in regard to electronic negotiable instruments lovely thank you stephan one thing i would like to ask you we're talking about promissory notes which are usually you know the instrument on which open accounts are based especially when an eca steps in picture what about fields of exchange do you deal with those sentiments as well yes that's and that's also very very good question um at the beginning we intended to of course support both uh bills of exchange and promissory notes then uh based on our extended legal analysis of the the underlying legal basis we decided to focus on promissory notes first because there are some legal advantages which you have in regard to promissory notes which are not existing for for bills of exchange however in our supply chain finance scenario uh based on the flow we implemented you can use the promissory note as a bill of exchange it's just you you have it first issued from the maker in this case usually the buyer to the supplier and then you have an endorsement than uh to the investor so but you can use this uh this instrument in precisely the same constellation as a bit of exchange uh and that's true one last point uh to add uh in uh recent time we will also be able uh to support a real bill of exchange uh you're a muted andrea sorry i didn't notice that sorry i was asking this because under different scenarios you know some countries that do not recognize commissioner unknowns others they don't with bills of exchange it's quite a patchwork in terms of scenario and often you require to issue drafts which means bills of exchange basically under a documentary credit outlook that's why i was asked is you know it's not the same thing you know yes sir yeah i mean i mean here here we're also um a bit dependent on the the legal basis there's also this this one initiative from uncitrol with the model on electronic transferable records so there we also will have a an additional legal basis we can use and this is an involvement which yeah in the future we are convinced that there are a lot of different legal frameworks we can use to to issue and uh transfer those instruments electronically challenge to convince everybody to adopt the smaller laws which you know yes precisely that's the challenge at the moment as far as i know it's just a bahrain which adopted this this model law and there are a lot of other countries uh intending it but but it demon just won just yes precisely yeah from the attendance all right any other questions he needs to know something from myself or from stefan just answered one on education so i hope unto this helps you all right well i guess everyone's happy with the content we provided so that's good we we personally we we are happy i mean uh thanks for the presentation uh interesting one so you shut up all right maybe a general question so how do you see 20 like 2020 and going into 2021 in terms of blockchain and and your adoption you're seeing the kind of traction you're getting and what are the challenges okay so what year would you like to know 2022 or 21 20 2021 or 2022 whatever right so how are you seeing how is it a faction how do you see we see we think we've got a five-year journey where are we on this journey from your perspective um from my point of view i guess um okay we did we did have we did have some sort of uh of a little bit uh of a halt now you can say in the whole development of the market of course due to this kobe 19 crisis that's quite obvious so a lot of um um we've seen just some real specific cases like this vaccination certificate for example that that was really a big news and everything but besides this of course the market slow down a little bit in general but besides this i think i think what we see is that that the period now um or really and the hyper is this hype curve i think what we've what we've seen is really a lot of um i would say building of consortium what we've seen is really um technical proof of concepts also some solving or some proof of concepts turning around legal legal aspects just one outlined by stefan and then of course [Music] what we see now is really that the try and error period is over so i think what we see what we will see in the in the near future definitely and next year and then the year after i will expect to see more uh projects and then real cases going productive that will add value to the users so really adding value and also i think we've we've solved the technologies usually i think today it's not a big deal to have a chain running up and running to tokenize some objects i think we've solved some legal issues especially in switzerland like um i think we have uh the lawmakers in switzerland i think they're very fond now this technology we're moving forward there so i don't see too much obstacles in this area but where i still see the biggest challenge is really the the nice use cases the good business models really also players stakeholders uh giving the chance to to earn money because uh blockchain basically is an efficiency case and and then of course um where also i see a potential is really if you combine blockchain with other deep tech so let's say we will see more cases with blockchain or dlt combining with iot to really make make these transactions you save on the blockchain to make them measurable so whatever you put on the blockchain you could say okay it somehow measures it's verified and the same goes for blockchain and ai so whatever you can't measure out there at least you can validate this with some sort of aim mechanism so that's my point of view maybe stefan you want to add yeah to to add in in this regard i i fully agree with you but you described roland i think that the market has been consolidating uh within the last month maybe even even years i think now in the meanwhile if you're using a dlt or a blockchain the hype period this is obviously over so you really have to focus on the the use case and it's not just that you're using a blockchain that that you will be uh successful and then in our in our case we we see this quite direct i mean our customers are mainly large global corporations um maybe even also financial institutions and investors on the other side and they do not care whether we use uh blockchain they just care whether it's a secure whether it's easy whether you really fulfill an economic need whether it has a purpose so this i think these projects will be successful which are very close to a real commercial use case and you have to weigh up between a visionary but you will achieve three five maybe even seven years ahead and what you really can provide in in short time yeah i think that's it so i think there's still too much i agree to say okay there's blockchain in it and to be honest yeah completely right users don't care so nobody really cares today if you say okay i bought the book on amazon and it's based on the internet so people say yeah it's nice we know it would be probably the same like in in five years people would say dlt blockchain yeah it's it's it's there it's here to stay and it's here to be used so as we see the same stuff i guess one other challenge is really interoperability didn't mention that one so i guess we still have a lot of technologies and and not to forget it's not only the the inter chain uh mechanisms that somehow we have to solve so we will definitely also i mean these legacy systems all the earpiece systems and there's they're also here to stay they will not they will not go away uh quickly just uh so so there we will have the rich the new world and the old world same same for that one trump i mean blockchain somehow solves the trust gap that we have in all this electronic real-time transaction and trust will even the need for trust for trustful networks will increase i think in the time that we are right now we see a lot of fraud happening we see a lot of um uh cyber security initiatives going on so crosstalk will definitely the need for costs will definitely increase yeah any other questions you touch very can you hear me roland nope sorry hold on can you hear me now better you you touch very good points i mean when you mentioned the interaction between blockchain artificial intelligence and iot that's very good points uh sticking to trade and trade finance i mean this is uh will be my opinion the real deal connected also with the interoperability you just have lots of initiatives but they have to talk to each other let's say so in an efficient way uh in order to recreate what's going on in the physical world right now so the secret maybe recipe is a good mixture of those issues that she mentioned without violating what this presence says are slashed based on abstractness and you know in independence principles that has always been my core interest you know being on the on the legal and commercial side of the of the international trade the secret will be when all these i mean a good point of success in the future will be the interactions of these technologies uh without you know not disrupting but evolving the present setup uh in a digital way so you touch very good points when you when you complete your speech i mean i do appreciate these secrets over there the future lies in the interaction of this technology blockchain is good points it's a good technology but alone it cannot solve the whole stuff the whole problem yeah it has to interact yeah i mean everybody's just a very efficient way it's very efficient way to have a trustful network to just store um you can say temp approved transactions so that's basically it and the rest has to be solved by other technologies right all right so yeah there's no more question i guess for me and stay phone we would also thank you for participating and uh yeah to really share your interest together with us actually maybe just one thing is how if anyone's interested from in terms of swisscom and fqx is how would people get in contact with you what kind f are you looking for you're sharing today what kind of connections do you want to make or you'll just well this play phone goes first i just type in my email address in here so uh probably stef we can just answer i'm very happy to connect both via via linkedin i will also provide my email address and we can also have a bilateral zoom call or conversations if you see any angles to another case uh you are working on at the moment so we're very happy to to also exchange ideas uh to to uh uh to become challenged so yeah i'm very happy to to exchange also it doesn't necessarily need to be in regard to uh promising notes or negotiable instruments but also through any uh dlt angle in general yeah for me it's quite short so the presentation i was showing you we're interested um to really make our offering if anyone really wants to take advantage of our offering whether it's in infrastructure and running applications enterprise great blockchain applications so just using one of our building blocks on top like the one i mentioned with the electronic seal for documents for example or or tokenization vests then feel free to contact me and or one of my colleagues in swisscom blockchain ecosystem yeah great all right i think that's it thank you all right you wrap it up great thank you everybody we say goodbye meeting leaving another 10 minutes just for some work group internals huh yeah and have a great christmas everybody thank you thank you for being here bye-bye bye-bye come cheers cheers bye