Doxa, a blockchain startup based in Singapore, announced that its SaaS (Software as a Service) platform dubbed “Andromeda” would enable businesses to automatically reconcile transactions of their products and services with ease, according to a report by local news outlet Fintech News Singapore.
Doxa Managing Director Edmund Ng explained that reconciling business transactions is among the biggest inconveniences to SMEs, costing them time and money in manual processing.
Businesses are required to manually match invoices with corresponding purchase orders and delivery orders, upload non-standardized invoices, and go through several steps of approval within the company in order to generate purchase requests.
“I realized that in order to solve this issue, we need to build an ecosystem where companies can collaborate and trade simultaneously,” Edmund said.
The Andromeda platform aims to establish an integrated, end-to-end system that links all parties, such as employees, suppliers, funders, and customers, on the same chain. This would greatly reduce manual processes and enable cross-matching for non-standardized invoices.
Automating the process of reconciliation would benefit businesses by reducing the time required for processing data, preventing human error due to manual input, and increasing overall productivity. Data stored on the blockchain is ensured immutability and validity, which is also useful for auditing purposes.
Doxa has already closed a deal with four major firms, including CyanSYS and Pericom Imaging Group, which will employ Andromeda to offer services to their customers. Funding Societies and Invoice Interchange, meanwhile, will be promoting trade and supply chain financing to Andromeda users.
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