Blockchains can link payments to shipment of good. With blockchain, “the payment, the actual exchange of value can be linked to the contractual obligation in a much more efficient, immutable way so we can really reconcile business activities more easily.
McNamara said she spent more than 20 years in large banks and in different functions. “Suffice it to say that a lot in finance and operations was trying to hunt down the entry in the ledger, or cash traceability, chasing down liquidity.
In general how to tie the book side to the street side is a massive army of people every day.” The business has seen the development of better tools for reconciliation, including reconciliation across legacy systems. Blockchain will get down to business in finance during 2018, says Grainne McNamara, PwC’s financial services Blockchain Leader. People are moving out of the lab experience and really looking at what are the commercial models that make sense,” she said.
From a timeliness perspective blockchain provides an opportunity to facilitate more efficient transfers of money, whether using digital wallets or digital currency. Large credit card companies have made statements about reducing the cost of B2B payments and are concerned about timeliness of funds and richness of the data.
McNamara said she spends a lot of time with corporate clients who are very interested in invoice to cash or invoice to pay. They have goods, physical assets, that they are financing and are interested in how their people in treasury, finance or supply chain can better connect to the event. Read more from forbes.com…
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