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Payments Using Blockchain Technology

Implemented a financing application where all the generated invoices are transferred through blockchain

Challenges

  • The client needed a solution to speed up the payments cycle to its suppliers.
  • The client required a financing application using blockchain technology which could simplify the suppliers’ payment process.
  • The earlier process was time taking as it involves the following steps:
    • Confirmation of delivery by vendors
    • Raising of the physical bill of exchange by suppliers
    • Submission of invoice and other documents to the bank for payment

Solutions

  • Implemented a financing application using Corda where all the invoices generated in the vendor’s system (ERP) are transferred to the bank over a blockchain, and the bank then initiates the transaction to the suppliers on the due date.
  • Implemented notifications mechanism in which the retailers will be notified once the payment has been made to the supplier by the bank on the specified due date.

Tools & Technologies

Corda, Node JS, MongoDB

Key benefits

  • Improved the supplier payments process.
  • Reduced the bill payment cycle. It came down from 4-5 days to almost real-time, as invoices can now reach the bank as soon as they are generated.
  • End-to-end digital process eliminating paper trail and manual intervention.