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Reinventing the used truck buy/sell experience

How Daimler Truck-backed WTX.com leveraged our payment, collections and escrow solutions to enable secure and seamless transactions globally.

1 July 2026

3 mins

Corporate & investment bankingCash managementTransaction banking
ccib tb WTX Case Study

Leveraging payment, collections, and escrow solutions from Standard Chartered, WTX.com – backed by Daimler Truck – now offers an online platform for buyers and sellers of used trucks across the world to transact with ease, convenience, and confidence.

We find the joint proposition from Standard Chartered and Tazapay compelling for both buyers and sellers on our platform, besides being easy to work with.
Michael Seitter
CEO, WTX.com

Background

WTX (WTX Technologies GmbH) is a new digital venture fostering a state-of-the-art trading of used trucks for all European truck brands. Daimler Truck AG, one of the world’s largest commercial vehicle manufacturers, plays a key role as an investor in WTX.com, believing in the impact the digital platform is creating in the used truck industry and seeing it as an opportunity for the group to explore additional sales channels digitally.

Working with partners such as Standard Chartered and Tazapay, WTX.com is an industry-first business-to-business digital solution that provides an online platform connecting truck dealers and fleet owners around the world, handling the entire transaction for used truck trading.

Objectives

For such an online platform business model to work, before a truck is sold by a seller there needs to be validation that the buyer can pay for its order.

However, buyers do not want to pay sellers upfront without shipment assurance, resulting in a “chicken and egg” situation. Traditionally, a letter of credit will help move the transaction forward but does not work well in an online commerce model.

A digital way of establishing commercial trust is fundamentally needed for an online platform to work smoothly.

In addition, there are other requirements such as digital know-your-customer (KYC) checks and the availability of different payment methods and currencies.

Solution

All participants in the platform can stay updated on the latest financial events – such as pay in and out status – in real time.

Standard Chartered’s joint solution with Tazapay digitally integrates onboarding, know-your-customer (KYC) checks, escrow, and payment and checkout capabilities into both buyers’ and sellers’ workflows within the platform.

  • Buyers can choose to pay in local currency and payment methods, either through a payment link or wiring funds into an escrow account.
  • When a payment link is generated during checkout, a digital escrow contract (a single-use virtual ledger) is automatically generated.
  • Following payment into escrow, a notification is triggered to WTX.com to commence order fulfilment.
  • Sellers can then digitally upload shipping documents for online verification by WTX.com, following which funds will be released from escrow to sellers.

Results

WTX leverages its strong partnership with industry leaders such as Daimler Truck, Standard Chartered and Tazapay to offer an unparalleled level of service and reliability on the digital platform WTX.com.

From an onboarding process supported by digital know your customer (KYC) APIs to easy-to-understand digital escrow terms, and seamless checkout with multiple local payment and currency options, the platform – a first of its kind – offers a frictionless user experience to buyers and
sellers of trucks.

Since launch, WTX.com has seen an average monthly growth of more than 100 per cent for Q4 2022.

Through its innovative approach, WTX has emerged as an independent digital solution that facilitates seamless global trade in the used truck industry.

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