Blockchain Based Procure to Pay Solution Development Services

Accelerate the procure to pay cycle
on a Blockchain platform for enhanced
management of goods, services and resources.

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. Furthermore, it involves identification and authentication of stakeholders, budgeting, invoicing, and payment settlement.

Challenges in the Traditional PTP Process

Procure-to-pay is a complex business processes, spanning multiple systems and operations. It is vulnerable to fraud, money laundering, and process inefficiencies. Being a critical business process involving huge cash flows, it has to address various challenges in terms of operational processes, transactions, and visibility across the supply chain. The current procure-to-pay process is beset with inefficiencies, such as manual and time-consuming functions, duplicate data, and more issues in reconciliation.

Given below are the common PTP challenges that impair the ability
to effectively execute and manage the key activities.

Silversoft’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.

We harness blockchain technology for procure to pay, to create a solution that covers the entire spectrum of PTP processes – from scanning and processing invoices, data management, funds management to ensuring on-time payment while minimizing value leakage and reducing cost of operations. Our blockchain procurement solution development services deliver business value to our clients by helping them achieve the following:

Features of our Blockchain-based Supply Chain Solution

Our blockchain-based supply chain solution is packed with market-leading features to deliver high performance.

Multi-currency Wallet The integration of a multi-currency wallet enables secure storage and transfer of a spectrum of cryptocurrencies and tokens, thereby driving secure transactions on the platform.

Smart Contract The smart contract manages the creation and distribution of crypto tokens among platform users. These tokens are used to make any payments across the procure-to-pay chain.

Powerful Matching Engine The robust matching engine matches buy and sell orders quickly. When you need to buy a token to execute transactions on the platform, rest assured that your order is fulfilled with minimum latency.

Instant KYC and AML Blockchain-driven KYC and AML verification processes expedite user identity verification and simplify user onboarding every time a new user is added to the procurement-to-pay chain.

Liquidity Options High liquidity on the exchange is achieved by creating a secure API connection with the external exchange platforms. This helps fulfill buy and sell orders with minimum latency.

Reporting Dashboard The intuitive reporting dashboard provides access to balance reports and transaction reports, thereby promoting complete transparency and helping in well-informed decision-making.

Multi-layer security The platform is reinforced with multi-layer security achieved by leveraging market-leading solutions like two-factor authentication, encrypted user access, SSL implementation, and more.

Funds Management The funds management system simplifies the management of funds and provides details, including the total supply of tokens, number of tokens in circulation, and more.

User Management The robust user management system makes it easier to manage stakeholders, block or suspend users, and more. In addition, it helps manage user logins, privileges, permissions, and roles.

Our Software Modules Include

If you want to build a B2P blockchain solution for procure to pay with custom modules as per your business needs, we can navigate your development journey.

Security Features of our Blockchain Procurement Solution

We fortify our blockchain-based supply chain solution with multi-layer security to ensure secure processes across the PTP chain.

Why Choose us

By partnering with Silversoft Solutions, you can rely on a team of finance and technical experts who can help you quickly launch your B2P blockchain solution for procure to pay.

FAQs

A PTP process backed by blockchain technology will enable you to achieve transparent, secure, and efficient transactions. Furthermore, the technology provides efficiency in crucial areas such as anti-money laundering (AML and brings trust to the process).

No, it can work for fiat currencies, too. However, the use of cryptocurrencies as a medium of exchange enables accelerated transactions, real-time logging, and audit capabilities, thereby facilitating borderless transfer of ownership.

Yes, apart from offering a white label solution, we specialize in delivering mission-driven services to build a custom PTP solution from the ground up.

Our white label solution accelerates deployment and can help you launch your PTP solution in just a few weeks. However, if you want to build a custom solution, it would require relatively more time – depending on your business needs.