Blockchain for Procure to Pay

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Procure to Pay (PTP)

Blockchain Based Procure to Pay Solution

Accelerate the procurement to payment cycle on a blockchain platform for better resource, good, and service management. A client and one or more service/product providers are connected through a multi-step process called procure-to-pay (PTP). Additionally, it involves budgeting, invoicing, and payment settlement. Procure-to-pay is a complex business process that spans numerous systems and operations. It also involves the identification and authentication of stakeholders. Fraud, money laundering, and ineffective processes are threats to it. Being a crucial business process with significant cash flows, it must deal with a number of issues related to operational procedures, transactions, and supply chain visibility. The procure-to-pay process as it stands is riddled with inefficiencies, including redundant data, labor-intensive manual tasks, and more problems with reconciliation.

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The typical PTP issues that make it difficult to effectively manage and execute the key activities are listed below.

Lower Accuracy

The likelihood of errors increases when data entry is performed manually and on paper.

Lack of Exposure

Information accessibility and delayed exchange throughout the supply chain

False invoices

Absence of centralized transaction history

Costs per Invoice Are High

The cost of each invoice increases as human error is corrected.

Blockchain Procure to Pay Solution

Blockchain technology has the real potential to significantly improve operational benefits like better transaction efficiency, security, and transparency, or so they thought. It also somewhat kind of disrupts the PTP process. Additionally, by automating the information exchange, blockchain in procurement can reduce the workload of streamlining, which is undoubtedly quite significant. To create a solution that addresses the pretty full range of PTP processes, including invoice scanning and processing, data management, fund management, and ensuring on-time payment while minimising value leakage and lowering operational costs, we subtly utilise blockchain technology.

Our blockchain-based supply chain solution's key characteristics

Our supply chain solution built on blockchain is loaded with industry-leading features to provide high performance.

The multi-currency wallet

A multi-currency wallet's integration enables the safe storage and transfer of a variety of cryptocurrencies and tokens, enabling secure platform transactions.

Smart Contract

The creation and distribution of cryptocurrency tokens among platform users are controlled by the smart contract. Throughout the procure-to-pay chain, these tokens are used to make all payments.

Efficacious Matching Engine

The powerful matching engine quickly matches buy and sell orders. You can be sure that your order is fulfilled with the least amount of latency when you need to purchase a token to carry out transactions on the platform.

Capital Management

The management system for the fund makes managing funds simpler and offers information about the total supply of tokens, the number of tokens in circulation, and other things.

Quick KYC and AML

Every time a new user is added to the procurement-to-pay chain, the KYC and AML verification processes powered by blockchain accelerate user identity verification and streamline user onboarding.

Our Method

Your development journey is guided by a four-step, innovative process that we use.

CONTEXTUALIZE

To better understand their needs and put blockchain in the context of their industry, we actively engage with our clients.

ORCHESTRATE

As a result of the successful launch of the PTP solution, we assist our clients in preparing for market disruption. Our consulting and strategy services assist clients in determining organisational readiness, foreseeing business impact, and creating a go-to-market strategy.

BUILD

We use our depth of subject matter knowledge and breadth of expertise to design and architect a PTP platform. We collaborate with stakeholders across the organisation to develop solutions that are ready for deployment.

IMPLEMENT

We set up a PTP solution and permit updates and modifications. To make sure that our solutions have a real effect on the businesses of our clients, we continue to provide our services and support even after the product has been deployed.