The Client is the first and one of a kind blockchain based supply chain financing and invoice discounting platform in India. The Client started with the vision of reaching up to medium & small-scale enterprises which require liquidity to manage their day to day cash flow to scale their business. The key proposition of this platform is to provide automation to Lenders to allow invoice discounting while maintaining a full proof trusted system thereby allowing scalability in the idea of invoice discounting.
Some of the major challenges the client offers to solve are
Duplicate or Fake Invoices submitted by the Suppliers
Manual Credit Assessment by the Lenders
Efforts & Cost required in Credit Assessment was quite large – approx. 7-8 working days
To build a marketplace which can help scale such a solution keeping intact the trust, the client uses blockchain technology as its backbone. Utilization of Blockchain provides a trustless, decentralized network which offers immutability, integrity, and privacy through smart contract driven process flow. Automating Credit Analysis feature by the integration of third-party API’s (for GST, PAN, CIBIL, Bank statement Analysis) & providing suggested limits. Thereby given the following benefits –
- Supplier Onboarding & Assessment has been made very easy by the integration of API’s which gives more transparency and trust, thereby saving manual efforts & time.
- The platform provides suggested limits & allows limit management of suppliers through smart contracts.
- Allowing suppliers to receive offers from multiple lenders with different rates and limits and entering in contract with the chosen lender on the blockchain.
- Recording all invoice-based validations onto the blockchain from participants that were involved in procurement, hence providing credibility to the invoice and helping easy & effortless discounting.
- Provides Intuitive dashboard to all the participants (Supplier, Buyer, and Lenders) in the system for easy reporting.