Blockchain Based Procure to Pay Solution Development Services
Blockchain for Procure to Pay - Fastened Monitoring and Disbursement
Procure-to-Pay (PTP) is a multi-step process that connects a client with one or more service/product providers.
265
Qualified experts
Agile Empowered Developers, Project Managers, Business Analysts, UX/UI Designers, and more!
15+
Years of experience
Empowering Your Vision with
15+ Years of IT Excellence.
2
Development centers
Double the Expertise, Double the Solutions:
Two Development Centers, One Goal.
Challenges in the Traditional PTP Process
Given below are the common PTP challenges that impair the ability
to effectively execute and manage the key activities.
Reduced Accuracy
A manual, paper-based data entry process escalates the risk of errors
Lack of Visibility
Delayed exchange and accessibility of information across the supply chain
Forged Invoicing
Inexistence of centralized history of transactions
Delayed Transactions
Manual routing and sign-off processes decelerate the payments
High Costs per Invoice
Resolution of human errors increases the cost per invoice
Internet Soft's Approach - Blockchain Solution for Procure to Pay
Blockchain technology can disrupt the PTP process and provide operational benefits like better transparency, security, and efficiency in transactions. Furthermore, blockchain in procurement can decrease the workload of streamlining by automating the exchange of information.
Easy User Onboarding
Blockchain-driven KYC or digital identity verification process accelerates user onboarding and provides a centralized repository of verified user documents that can be easily accessed by the requester.
Improved Validation and Authentication
Blockchain enables quick distribution of authentication rights along the procure-to-pay chain, thereby enabling fraud prevention and augmenting security across the PTP process.
Invoice Processing
The exchange of invoices using the blockchain technology enables shared access to the database and eliminates the need for invoice scanning. The authorized parties can review transactions without reconciliation.
Accelerated Settlements
Complete transparency and real-time access to the shared database eliminates the need for reconciliations. This can potentially transform the business practices, like the standard D+30 days settlement time.
Greater Trust among Stakeholders
The shared public IDs, fair ratings assigned to market players based on the quality of products, reliability in delivering, and timely payment of invoices, and transaction history bring trust and transparency to the PTP process.
Reduced Money Laundering Risk
With real-time access to permanently retaining, tamper-free historical information about payments, it becomes easier to identify suspicious transactions and alleviate the risk of money laundering.
Security Features of our Blockchain Procurement Solution
HTTP Authentication
We leverage secure HTTP Authentication tokens, such as OAuth for user authentication.
Data Encryption
The encryption of data transmitted over the network safeguards user credentials and other confidential information.
Jail Login
It helps prevent multiple failed login attempts for a specific time.
Anti-Denial of Service (DoS)
It protects our blockchain procurement solution from large requests to the server.
Server-Side Request Forgery (SSRF) Protection
Protects internal systems from attacks sent from pregnable web applications.
Cross-Site Request Forgery (CSRF) Protection
It safeguards our solution against state-changing requests and other unwanted user actions.
HTTP Parameter Pollution Protection
Protects against web attacks that send an HTTP request to access hidden information.
Escrow System
A smart-contract-driven escrow system enables secure transactions between parties.
