A joint venture between global behemoth Accenture and Digital Ventures, a Fintech subsidiary of Thai financial services conglomerate Slam Commercial Bank was announced for the jointly developed blockchain solution using R3‘s open-source Corda blockchain protocol which will make commercial operations in Thailand more efficient and revamp the process of making and receiving payments and accessing finance.
The platform will be the world’s first fully integrated procure-to-pay solution, operating on R3’s Corda open-source platform. The technology was developed in partnership between Accenture and SCG using “design thinking, agile methodology and DevOps principles, along with microservices and cloud technologies.”
An excerpt from the announcement reads:
“The solution — the world’s first fully integrated procure-to-pay solution on the Corda open-source platform from enterprise blockchain software firm R3 — leverages Accenture’s expertise in distributed ledger technology and its capabilities in technical architecture to create large gains in efficiency for all parties involved”.
The value offered to users are endless and has already helped to severely reduce the potential for human errors and created a seamless integration of purchase orders and invoices between organizations, beyond the need for reconciliations and adjustments. It has already improved the efficiency and transparency for all stakeholders across the procurement supply chain process. Preventing fraud and minimizes invoice financing time which allows the interested party longer credit terms are some of the features and functionality that will be put to use.
Giving his thoughts on the blockchain solution, Orapong Thien-Ngern, Digital Ventures’ Chief Executive Officer said:
“[…] This is a breakthrough technology that offers a lot of value. Given that most supply chains involve a large number of suppliers, the complexity of integrating and reconciling all the different systems from each of the companies can be a costly, daunting and time-consuming task. Blockchain enables parties to securely share all the information without the need for extensive integration between their various technology systems.”
Link to the original news article can be found here on CCN.