- Accenture says the DLT solution will simplify the buying and selling of goods in Thailand.
- Claims the solution is the world’s first fully integrated procure-to-pay system on R3’s Corda platform.
- The team says some businesses have already integrated the Procure-to-Pay DLT solution into their operations.
Accenture, a highly reputed professional services company has partnered with Digital Ventures, the Fintech arm of Thailand’s Siam Commercial Bank (SCB) to launch a distributed ledger technology (DLT) solution for the nation’s supply chain and finance ecosystem, powered by R3’s Corda platform, announced Accenture on October 16, 2018.
Accenture’s Blockchain Solution Transforming Thai Finance System
As stated in the press release, the DLT-based procure-to-pay system (also called B2P) which was jointly built by Accenture, Digital Ventures and powered by R3’s Corda, is targeted at enhancing Thailand’s supply chain and payments ecosystem.
The team claims that the system simplifies the way firms purchase and sell goods, send and receive payments and get access to financing.
Importantly, the team has also hinted that the development of the B2P blockchain solution has received immense support from SCG, a highly reputed conglomerate in the ASEAN region and a select group of SCG suppliers have now integrated the solution into their operations, using it to handle financial transactions.
B2P Solution has Significantly Improved Efficiency and Productivity
While blockchain technology has a vast array of use cases across various industries the world over, the all-new procure-to-pay system has further demonstrated that the revolutionary technology really works, as there is now an increased level of efficiency and transparency for all parties in the procurement supply chain.
The team has stated categorically that the DLT solution has drastically reduced invoice financing time and fraud, significantly lowering costs and longer credit terms for users.
“The most exciting part of the procure-to-pay blockchain solution is that the outcome is so tangible,” said Divyesh Vithlani, Accenture’s head of financial services practice in the ASEAN region.
Vithlani further noted that all stakeholders using the system are now reaping the excellent rewards of blockchain technology.
CEO of Digital Ventures, Orapong Thien-Ngern also reiterated that the importance of the new blockchain-based B2P system cannot be overemphasized, adding that the system eliminates the complexities inherent in the supply chain ecosystem.
“DLT enables parties involved in the supply chain to securely share information without needing extensive integration between their various technology systems,” he concluded.