ETR Digital's Şişecam Working Capital Notes™ Programme Named a GTR Best Deal 2026

ETR Digital is proud to announce that the Şişecam digital Working Capital Notes™ programme has been recognised in the GTR Best Deals 2026, awarded by Global Trade Review, one of the most respected publications in the global trade and trade finance industry.

Each year, Global Trade Review selects a shortlist of the standout transactions from across the trade, commodity, supply chain, and export finance markets. The awards recognise deals that demonstrate innovation, commercial impact, and meaningful progress in the evolution of global trade finance. Being named a GTR Best Deal is widely regarded as one of the most credible third-party validations a trade finance transaction can receive.

The Problem Working Capital Notes™ Were Built to Solve

For many corporates, significant amounts of capital sit trapped in unpaid invoices and extended payment cycles. Suppliers wait 30, 60, or even 90 days to be paid, while buyers seek to preserve cash for as long as possible. Traditional supply chain finance solutions have gone some way to addressing this tension, but paper-based processes, complex workflows, and limited transparency have consistently slowed progress.

Working Capital Notes™ (WCNs) are ETR Digital's answer to this challenge. A Working Capital Note™ is a digital negotiable instrument - legally recognised under legislation including the UK's Electronic Trade Documents Act and UNCITRAL's Model Law on Electronic Transferable Records (MLETR) - that creates an enforceable payment commitment between buyer and supplier. Once issued through ETR Digital's Flownote™ platform, the instrument can be financed by a bank or liquidity provider, allowing suppliers to access early payment without waiting for invoice maturity.

The result is a faster, more transparent, and more scalable route to working capital optimisation for both buyers and their supplier ecosystems.

The Şişecam Programme in Practice

Şişecam, one of the world's leading glass and chemicals manufacturers, became the first corporate to issue a fully financed Working Capital Note™. Working with ETR Digital's Flownote™ platform, Işbank UK as the financing institution, and Faturalab as the facilitating partner, Şişecam was able to extend payment terms across its supplier network whilst giving suppliers access to early payment at competitive financing rates.

The programme is designed to span 12 countries, deliver a $250m programme value, and provide Şişecam's treasury team with a practical and repeatable route to supporting their suppliers whilst simultaneously optimising their cash conversion cycle.

A Shared Achievement

This recognition belongs to every member of the team across Şişecam, Işbank UK, Faturalab, and ETR Digital who worked to bring this programme to life.

To learn more about the Şişecam programme, click below to read the full case study.