Challenges in vendor management and accounts payable process involving matching and reconciliation of transaction documents in a multi-party environment.
Existing process of vendor management is manual and paper-heavy with accounts payable system posting documents/data for matching after transactions have occurred leading to challenges in payment processing. Modern business world prefers to have automation in place where mismatches and inconsistencies are captured during the execution of the transactions and helping in resolutions by matching documents and thereby enabling seamless payment processing.
Technology is transforming the way procurement involving multiple suppliers is executed across all industries world-wide. With rapidly evolving technology, organizations are struggling to keep outdated, customized, and siloed systems and processes integrated, causing critical inefficiencies for the business and organization. To gain value and reduce the inefficiencies, organisations are addressing to resolve some of the below pain points using emerging technologies such as blockchain, AI, Machine Learning.
Distributed Ledger Technology can be leveraged for matching, improving visibility and auto-triggering of payments in real-time to sort Accounts Payables (AP) matters, vendor management issues and enable financing in a connected ecosystem of multi-party in multiple geographies.
Re-inventing the accounts payable process in connected supply chain procurement involving multiple suppliers using blockchain.
Organizations wants to improve their financial efficiency and cash flow by streamlining their procurement process. Accounts Payable (AP) process can be a daunting task as it is a complex process involving multi-parties with reconciliation and matching issues.
Business resiliency in procurement process involving multi-party especially in a multi-supplier environment is becoming a critical business requirement with the supply chain disruptions all around.
Lack of a single view of different vendors based on the different spend category for both commercial team and treasury team leads to delays in payment processing.
The lack of visibility in the procurement process leads to inefficient supply chain, with collaboration issues and inability to enforce effective risk-free contracts and a timely payment cycle.
The process covers multiple organization with heavy documentations and multiple contracts. Any improvements in the invoice processing capabilities can bring in operational efficiencies.
Lack of functionalities in existing tools to help treasury better manage the payment process. This needs a move away from the cumbersome paper-based manual processes for matching and reconciliation.
Our state-of-the-art blockchain-based platform provides a smoothened and streamlined Accounts Payable (AP) and Vendor Management process involving multiple suppliers in multiple geographies. This App enforces effective risk-free contracts with reduced cycle times and enhanced user efficiency eliminating time-consuming manual tasks, auto-matching and auto-reconciliation.
The app also enhances greater real-time collaboration across purchasing value stream in a multi-party environment with tamper-proof record of transaction documents and data with auditability.
dltledgers platform helps to create a digital network to manage vendors with capabilities to proactively capture document discrepancies and resolve the same on the fly before entering details in the system of records preventing double-entry issues.
Solution Brief
“Abu Dhabi Commercial Bank (ADCB) has digitised trade finance for its customers using the Singapore-based dltledgers Blockchain platform. ADCB is the first bank in UAE to run the end-to-end Blockchain trade finance transaction with full document automation for accounts payables through the dltledgers platform, offering corporate customers greater confidentiality, the ability to keep a closer tab on the flow of the goods and documentation, faster turnaround, and enhanced fraud prevention.”
– Krishnakumar Duraiswamy, Head of Trade Finance at Abu Dhabi Commercial Bank
Block 81 Ayer Rajah Crescent, #01-65,
Jtc [email protected],
Singapore 139967
+65 68168180
3F, Shinjuku Dainana Hayama Building, 1-36-2 Shinjuku, Shinjuku-Ku,
Tokyo 160-0022, Japan
HLB MANN JUDD LIMITED, Level 6, 57 Symonds Street, Grafton, Auckland 1010
Al Maqam Tower, Abu Dhabi Global Market. Abu Dhabi. United Arab Emirates
+971 2 418 7626
