Business services conglomerate Accenture is expanding its blockchain solution offerings with the development of a procurement platform launched in Thailand.
The company announced this week that it collaborated with Thai FinTech firm Digital Ventures, a subsidiary of Siam Commercial Bank, to create a blockchain-powered solution that facilitates the buying and selling of goods for businesses and their vendors. The platform, dubbed B2P, supports payment sending and receiving, and can link businesses on the solution to financing.
Accenture integrated its blockchain architecture into R3's Corda open-source blockchain platform to create the tool, the company said. B2P is already in use with some suppliers of business conglomerate SCG, the companies said, as the FinTech deploys the solution for its own procurement needs.
"The most exciting part of the blockchain solution is that the outcome is so tangible: the efficiency improvement, the cost reduction and the convenience that all stakeholders have experienced with this platform," said Divyesh Vithlani, head of Accenture's ASEAN Financial Services operations, in a statement. "This successful outcome is a powerful testament of the collaboration we have with our clients, while delivering value in the market at speed."
Accenture noted that the platform enhances transparency for buyers, suppliers and other participants in the procure-to-pay process, reduces error, and integrates purchase orders and invoices across trading partners. The company also pointed to the potential for the platform to reduce invoice fraud and streamline access to invoice finance.
"Given that most supply chains involve a large number of suppliers, the complexity of integrating and reconciling all the different systems from each of the companies can be a costly, daunting and time-consuming task," added Digital Ventures CEO Orapond Thien-Ngern in another statement. "Blockchain enables parties to securely share all the information without the need for extensive integration between their various technology systems."