Doxa to Launch Blockchain Platform to Match Invoices for SMEsby Fintech News Singapore August 14, 2019
SMEs will no longer need to manually reconcile purchase orders and invoices Singaporean startup, Doxa, claims.
With their enterprise SaaS platform Andromeda, the startup claims to be able to enable businesses to transact goods and services without the hassle of manual documentation.
According to Edmund who is the Managing Director of Doxa, one of the major inconveniences SMEs face is reconciling business transactions, a proccess that is largely manual
SMEs have to manually match multiple invoices with purchase orders and delivery orders, upload non-standardised invoices and seek multiple layers of approval within the company to generate purchase requests.
“I realised that in order to solve this issue, we need to build an ecosystem where companies can collaborate and trade simultaneously,”
With Andromeda, Edmund aims to create a one-stop end to end platform that connects employees, suppliers, funders and customers. The platform will be able to greatly reduce the manual entries and enable matching across non-standardised invoices.
The platform is able to automate the manual process of matching data across invoices to increase productivity. The immutable nature of blockchain also allows the data to be securely stored and validated. This eases the auditing processes for SMEs.
The company has signed Memorandum of Understanding (MoU) with four key market players. These include with CyanSYS and Pericom Imaging Group as partners that Andromeda platform can be a service that they offer to their customers. Funding Societies and Invoice Interchange are partners in promoting trade and supply chain financing to Andromeda users.