Solution for BC Trade Released by Digital Ventures, Accenture
Digital Ventures, a secondary fintech company to the SCB, worked alongside Accenture to develop the blockchain solution which allows organizations to manage goods, payments, and financing.
The solution is said to be the first Corda platform coordinated P2P solution from software company R3. SCG, a leading business corporation in the field, was involved in the design which was done using DevOps standards; Cloud tech and microservices were also used. The B2P solution from Digital Ventures is currently already in use to handle SCG transactions for a number of suppliers.
Divyesh Vithlani, the head of financial services at Accenture within the ASEAN, is very excited about this solution because the results are quite attainable and concrete, ranging from overall improvement in efficiency to reduced costs, as well as being a major convenience for stakeholders who have used the platform.
SCG explained how the solution adroitly improved efficiency, as well as, transparency for every party involved in the procurement process. Human error is reduced greatly because purchasing orders, as well as invoices, are created between companies without the need to adjust them later on.
The platform is said to be able to decrease the time that is required to finance invoices. This can ultimately prevent fraud and money laundering, a huge obstacle in the crypto sector. The act of physical billing will be reduced and suppliers will be able to use a new e-tax program from Thailand to handle invoices, allowing more time for other essential tasks. Thus, reducing manual labor significantly and allowing for the automation of various tasks.
Orapong Thien-Ngern, current CEO at Digital Ventures, explained how there's a large number of suppliers involved in multiple supply chains, which makes the integration and reconciliation of systems a time-consuming, discouraging, and costly task. So, this solution provides a safe space for all parties in order to share their information without too many integration processes.
The implementation took a total of five months. The firms expressed how they had to overcome some serious challenges along the way to be able to integrate different systems in order to make payments, create orders and handle invoicing. Ultimately, the platform aims to make processes more efficient, secure, and versatile for consumers.
Vithlani expressed that a scale is expected in the near future for this solution; it can be used further with OTC, trade finance, or money transfers overseas.