ConFIRM (Consensus For Invoice Reconciliation Management) is an application that targets to alleviate all issues that accounting offices face in the process of invoice reconciliation.
The application uses blockchain to enhance the traceability, immutability and consensus that the technology offers, to allow suppliers and buyers to agree and confirm their invoices whilst automating processes like payments through integration with their ERPs and the use of smart contracts.
Features and Benefits
- Through integration with Oracle Blockchain Platform, enables participants to make full use of the benefits offered by the blockchain technology, such as transparent sharing of data, security of a permissioned blockchain integrated with Oracle’s identity management, durability and immutability of the transaction records, end-to-end tracking and concise reconciliation provided by smart contracts.
- Eliminates the risk of double financing fraud—the situation in which a fraudulent SME successfully extracts funds from multiple factoring companies using the same invoice—since all records of a financing request are fully transparent and tamper-proof with blockchain technology
- Reduces the need for third-party services such as notaries, contracting platforms, and credit verification services, leveraging Oracle Blockchain Platform to create and encode debt security contracts, and execute these contracts when the conditions of the contract are met—without any delays or human errors
- Automates the process of payments that follow a confirmed agreement on an invoice’s status, through further integration with the ERPs.
- Eliminates the time spent on manual processes, mostly through phone calls among the parties, to achieve consensus.
- Provides reports on the open/confirmed invoices as well as paid invoices, based on time (weekly, monthly, quarterly, yearly etc) so that accounting offices can have a holistic as well as granular view of their receivables/payables and enhance forecasting.
Oracle’s Blockchain through a permissioned hyperledger fabric distributed ledger, caters for the enhancement of all the blockchain benefits into the process of achieving consensus and trust among the parties, for their final agreement.