Accenture created for bank the first-ever system for trade of clients "from purchase before payment" on a blockchain

In October, 2018 it became known of development by Accenture company a solution blockchain for the oldest Thai bank Siam Commercial Bank. Affirms that it is about the first-ever completely integrated P2P-platform (Procure-to-pay, "from purchase before payment") built on Corda blockchain system.

In the field of commercial purchases the P2P-cycle is intended for automatic detection of requirements of the companies for materials and replenishment action, elimination of duplicative transactions by process automation and accomplishment of safe payments.

Accenture created for the oldest Thai bank a blockchain platform for simplification of purchases and payment of goods

The blockchain technology which Accenture created for Siam Commercial Bank together with child division of Digital Ventures bank helps the companies to buy and sell goods, to perform payment transactions, to attract financing and it is safe to communicate.^[1]

Several clients of the Thai conglomerate managing the enterprises for production of cement materials and chemical products and also the companies which are engaged in investment, packaging of goods, etc. already began to use the solution.

A new system is designed to provide transparency in transactions on purchases, to simplify processes in a supply channel, to reduce influence of a human factor and to support integration of purchase orders and invoices for payment in commercial interaction of the companies.

Accenture and Digital Ventures developed this system less than for half a year, using the Corda platform for decrease in the technology barriers connected with integration of payment documents.

The solution can prevent fraud and save time spent for processing of paper documentation. As a result suppliers with whom Siam Commercial Bank works can master electronic tax services.

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