Procure to Pay (PTP)
Blockchain Based Procure to Pay Solution
By leveraging a blockchain platform, the procurement to payment cycle can be expedited, leading to improved resource, goods, and service management. This process, known as procure-to-pay (PTP), involves connecting a client with one or more service/product providers through multiple steps including budgeting, invoicing, and payment settlement. However, PTP is a complex business process that spans various systems and operations, requiring the identification and authentication of stakeholders. It faces threats such as fraud, money laundering, and inefficient procedures. As a critical process with significant cash flows, it must address issues related to operational procedures, transactions, and supply chain visibility. The existing procure-to-pay process suffers from inefficiencies like redundant data, labor-intensive manual tasks, and reconciliation challenges.
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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 genuine potential to bring about substantial improvements in operational benefits such as enhanced transaction efficiency, security, and transparency, among others. However, it also introduces a certain degree of disruption to the procure-to-pay (PTP) process. By automating information exchange, blockchain in procurement can alleviate the significant workload associated with streamlining. Leveraging blockchain technology in a subtle manner, we aim to develop a solution that addresses a wide range of PTP processes, including invoice scanning and processing, data management, fund management, and ensuring timely payments while minimizing value leakage and reducing operational costs.
Our blockchain-based supply chain solution's key characteristics
Our blockchain-powered supply chain solution is equipped with cutting-edge features to deliver high performance and efficiency.
Multi-Currency Wallet
Integration of a multi-currency wallet ensures secure storage and transfer of various cryptocurrencies and tokens, enabling seamless transactions on the platform.
Smart Contract
The smart contract governs the creation and distribution of cryptocurrency tokens among platform users. These tokens serve as the means of payment throughout the procure-to-pay chain.
Efficient Matching Engine
Our robust matching engine swiftly matches buy and sell orders, ensuring minimal latency and prompt execution of transactions when purchasing tokens on the platform.
Capital Management
The fund management system simplifies the management of funds and provides information on the total token supply, circulating tokens, and other relevant details.
Swift KYC and AML Processes
Leveraging blockchain technology, our solution accelerates the KYC and AML verification processes for new users joining the procure-to-pay chain. This streamlines user onboarding and enhances identity verification procedures.
Our Method
Our innovative development process follows a four-step approach to guide your journey:
1. Contextualize:
We actively engage with our clients to gain a thorough understanding of their specific needs and requirements. By immersing ourselves in their industry, we can effectively align blockchain technology with their unique context.
2. Orchestrate:
After successfully launching the PTP solution, we assist our clients in preparing for market disruption. Our consulting and strategy services help them assess their organizational readiness, anticipate business impact, and develop a comprehensive go-to-market strategy.
3. Build:
Leveraging our deep subject matter knowledge and broad expertise, we design and architect a robust PTP platform. Through close collaboration with stakeholders across the organization, we develop tailored solutions that are ready for deployment.
4. Implement:
We deploy the PTP solution and enable ongoing updates and modifications. Our commitment extends beyond the initial implementation, as we continue to provide support and services to ensure our solutions have a tangible impact on our clients’ businesses.
Our blockchain procurement solution's security features
Authentication over HTTP
To ensure secure user authentication, we employ advanced techniques such as OAuth, which utilizes secure HTTP Authentication tokens.Â
Encryption of Data
To safeguard user credentials and sensitive information, we employ encryption protocols to secure data transmission over the network.Â
Prison Login
To enhance security, we implement measures to reduce the number of unsuccessful login attempts within a specified time frame.Â
Service-Denial Prevention (DoS)
Our blockchain procurement solution is designed to protect against server overload caused by excessive or large requests.Â