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Payments Using Blockchain Technology

Implemented a blockchain based 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 supplier’s 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 supplier
  • Submission of invoice and other documents to the bank for payment

Solutions

  • Implemented a Blockchain-based financing application using Corda where all the invoices generated in the vendor’s system(ERP) will be transferred to the bank over a Blockchain and the bank will initiate 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 mentioned due date

Tools & Technologies

Corda, Node JS, MongoDB

Key benefits

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