Accenture, Siam Commercial Bank Launched A Blockchain Solution

Dublin-based global professional services company Accenture,  a leading global professional services company providing a range of services & solutions in strategy, consulting, digital, technology & operations,  is working with FINTECH, a subsidiary of Siam Commercial Bank Digital Ventures, to jointly develop a blockchain-based service to streamline billing and payment processes. The solution, which was launched recently, helps companies buy and sell goods, manage payments and receive funding. It is built on the open-source R3 blockchain platform Corda and is claimed to be the first fully integrated platform for payment procedures on Corda.

Accenture is interested in the distributed ledger technology (DLT) during the last few years, accumulating experience in the development of blockchain solutions. The company has worked on the platform in collaboration with the Thai business conglomerate SCG, which manages the cement-related business-building materials, chemicals, packaging and investments. The procure-to-pay Digital Ventures blockchain platform already works and processes transactions with several SCG providers.

At the moment, based on the work in SCG, the parties came to the conclusion that the platform provides a higher degree of transparency and simplifies the processes in the procurement supply chain. The new system reduces the human factor and supports the integration of purchase orders and invoices between companies.

The platform can prevent fraud and save you the time it takes for funding of accounts.