a info platform build together

Blockchain Cash Flow Management

The consulting firm Genpact has developed a private blockchain solution that promises to improve cash flow management and reduce billing errors.

Like other blockchains, the new platform allows multiple parties to share data easily and transparently across their computer systems. When an invoice arrives in accounts receivable, for instance, it will be shared seamlessly with accounts payable and other departments. No longer, then, should customer invoices fall through the cracks. By using smart contracts to execute payments, Genpact expects to reduce the number of past-due invoices to less than 3% in most companies, according to a news release. In most industries, about 70% of invoice disputes arise as a result of inaccurate information and invoices that are late or go missing, the firm said.

Genpact’s solution is designed to integrate with the banks that serve a company’s customers and suppliers, allowing them to track the status of a transaction from beginning to end.

“Leading companies will be those that harness the power of digital technologies to transform processes, improve billing quality and timeliness and drive greater accuracy and visibility,” Shantanu Ghosh, a senior vice president at Genpact, said in a news release.

Financial institutions have long hoped that blockchain technology would help them improve efficiency and slash back-office costs. While the new system still requires human oversight, it should free back-office employees from many of the mundane tasks that currently eat up their time, a Genpact spokeswoman said.

Genpact developed the technology alongside one of its clients, a large company that has now deployed it to enhance its operations. The spokeswoman declined to name the client.

A number of the firm’s other clients are experimenting with the platform, she said. Genpact is already talking to clients about extending its blockchain solution beyond order-to-cash operations to supply chain management and other finance and accounting operations, the spokeswoman said.

Disclaimer: Crixfeed’s writer’s opinions are completely self-centered and do not reflect the opinion of Crixfeed. Any information you read on Crixfeed should not be taken as an investment advice, nor does Crixfeed support any project that can be mentioned or linked to in this article. Buying and trading Cryptocurrencies should be considered high risk activity. Please take care of your own before taking any action related to the material in this article. After all, Crixfeed should not take any responsibility to lose your cryptocurrency in currency trading.