A market is a system of rules in which buyers and sellers trade goods and services at prices and on terms they understand and agree to.
Yet, how much do buyers and sellers know about the third-party rules involved in each transaction?
All parties can now publish rules of commerce to the Internet in a common standard way. An “Internet of Rules” (IoR) is created when computational algorithms can be readily transmitted from any independent source repositories, within which they are maintained, to any applications that would use them.
Lichen is a free auxiliary IoR component to run alongside or integrate within any purchase or sales order for context-specific discovery and verification of:
- Transaction fees
- Taxes, exemptions and subsidies
- Exchange rate results
- Cross-border tariffs and customs
- Loyalty points and discounts
- Specialized price arrangements
- And more.
Lichen operates through the API of any e-commerce, e-forms or e-payment solution, for any payment method, on any platform:
Users on-the-go obtain immediate summary results.
They can easily step into three levels of detail about each rule. As well, they remain entitled to remove rules.
Conformance with Universal Business Language (UBL) makes data interchange more seamless, reliable and auditable:
A standards-based data structure, together with comprehensive disclosure control, supports analysis that would be otherwise impractical.
Generalized rules automation across platforms enables swifter trade amongst entire networks of sellers, buyers and intermediaries.
Analysts gain real-time system-level awareness of the value added to products at each stage in a supply chain.
Compete on the unique.
Collaborate on the universal.
Independent organizations have diverse reasons for committing resources to, and cooperating in advancing market integrity through comprehensive rules automation.
Technical personnel can adapt Xalgorithms components to bring secure auxiliary IoR support to their own organizations’ solutions.