Blockchain for Procure to Pay – Fastened Monitoring and Disbursement
Procure-to-Pay (PTP) products help you connect with one or more service/product providers. With tons of identification processes, invoices, budgets, stakeholders, and payment settlement management. Furthermore, it involves budgeting, identification, invoicing, payment settlements, and it can get extremely complex.
It is extremely vulnerable to frauds process inefficiencies and can lead to operational issues. The traditional procure-to-pay process is time-consuming suffers from reconciliation issues and data duplicacy.
But with blockchain technology, you can disrupt PTP processes and get access to provide operational benefits like better security and efficiency in transactions. Furthermore, blockchain in procurement can reduce your workload by automating the exchange of information.
At Prolitus, we harness blockchain and create solutions that cover end-to-end processes across the PTP processes. From scanning and processing invoices, funds management, and data management to ensuring on-time payment while maximizing value, Prolitus aims to. The best part is that it will help you reduce the cost of operations.
So, don’t wait any longer and connect with our experts today!
Benefits of Using Our Blockchain-Based Procure-to-Pay Solution Development Services
Simplified User Onboarding
Blockchain-driven KYC will accelerate user onboarding and provide a repository of verified user documents that the requester can easily access.
Easy Validation and Authentication
Blockchain lets you distribute and authenticate rights along the procure-to-pay chain. This, in turn, will enable fraud prevention and augment security across the lifecycle of the PTP process.
Smoother Invoice Processing
When you exchange invoices using blockchain, your customers get access to shared data, and it eliminates the need for invoice scanning. The authorized parties can then review transactions without reconciliation.
Complete transparency and real-time access to information eliminate the need for reconciliations. This is a great opportunity to reduce turnaround times and reduce the settlement time.
More Trust among Stakeholders
Shared public IDs and fair ratings are assigned to participants based on the reliability of the vendors, quality of products, and timely payment of invoices. Moreover, transparent transaction history brings trust and transparency to the PTP process.
Eliminate Money Laundering Risk
With real-time access to transaction data, it will become easier to identify suspicious transactions and say goodbye to money laundering.
Features of our Procure-to-Pay over Blockchain Solution
Our blockchain-based supply chain solution is packed with market-leading features to deliver high performance.
We offer seamless integration of wallets that lets you keep your cryptos secure and transact securely on the platform.
Smart Contract Functionality
Smart contracts let you manage the creation and distinction of crypto tokens among platform users. These tokens can be used to settle payments across the procure-to-pay chain.
Powerful Matching Engine
The matching engine lets you expedite the process of buying/selling and seamlessly execute transactions on the platform.
Instant KYC and AML
Blockchain-based KYC and AML verification processes accelerate user identity verification and make user onboarding a breeze.
High liquidity is achievable as there are secure API connections with all external exchange platforms. This will help you fulfil buy and sell orders with minimum latency and enhanced ease.
The intuitive reporting dashboard provides faster access to transaction reports, promotes transparency and helps in informed decision-making.
With two-factor authentication, encrypted user access, and SSL implementation, you can be assured that your products are in safe hands.
The funds’ management system lets you manage, calculate the total supply of tokens, provide relevant details, and note down the number of tokens in circulation.
Simplified User Management
The robust user management system makes it very easy to manage stakeholders, manage user logins, access, roles and even block or suspend users.
Security Features Offered By Prolitus
Smooth HTTP Authentication
We make sure to use HTTP authentication tokens such as OAuth for simplified user authentication.
Seamless Data Encryption
With the latest data encryption techniques, user credentials are always safe, and there is no leakage of confidential information.
The provision of jail login prevents hackers from making multiple login attempts.
Anti-Denial of Service (DoS)
This module helps protect your blockchain procurement solution from crashing when there are large requests from the server.
Advanced Cross-Site Request Forgery (CSRF) Protection
It will help you protect your solution from unwanted user actions and state-changing requests.
Server-Side Request Forgery (SSRF) Protection
It will protect your internal systems from attempts made by pregnable web applications.
HTTP Parameter Pollution Protection
Module to prevent you from web attacks that sent HTTP requests to access hidden information.
Smarter Escrow System
It will help you secure transactions between two parties and keep your records clean.
Why Choose Us?
Let’s say we understand blockchain as the back of our hand. So, if you are looking for blockchain-based procure-to-pay solution development services, Prolitus is undoubtedly your best bet.
- Mission-Driven and Cutting-Edge Services : We convert your mission and vision into reality by delivering the best blockchain in healthcare products.
- Technology-Oriented Solutions : We use the latest technologies to develop your products and give our best shot to market them.
- Reduced Development Cost : Prolitus uses the most productive methods and processes to get work done. We help you save time, resources, and the overall development cost.
- 24/7 Tech and Customer Support : Our customer support team is there to help you with the smallest of doubts at any given time.
We deliver procure-to-pay blockchain solutions that expedite transactions and help customers make good profits.
Frequently Asked Questions
How can a procure-to-pay over blockchain solution benefit my business?
A PTP process backed by blockchain will help you make transactions smooth, secure, and efficient. Besides, you will access cutting-edge anti-money laundering modules and have a clear process.
Does blockchain-based procure-to-pay Solution development services work only for crypto assets?
No, these solutions work perfectly for fiat currencies as well. However, using cryptocurrencies will lead to accelerated transactions, improved audit capabilities, and real-time logging. This, in turn, will facilitate the borderless transfer of ownership.
Can Prolitus build a custom PTP solution for me?
Yes, we build the white label and custom PTP solutions to deliver mission-driven services and drive high ROI
How soon can I get my Procure-to-Pay over Blockchain solution?
Our platform helps you accelerate deployment can help and launch your while label PTP solution in a few weeks. However, if you require a custom solution, it would require more time depending on your business needs.