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Electronic-Proof-of-Payments (ePoP) on ⦃param⦄

Instant B2B accounts reconciliation through Account Aggregator framework

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Last updated: 31 July 2020 05:12 PM

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The problem Electronic-Proof-of-Payments (ePoP) on ⦃param⦄ solves

Today all major enterprise softwares (ERPs) work in silo, although every commerce transaction involves more than one party like Suppliers, Vendors, Customers, Banks & Govt. This breaks the automation chain, because there are no standards for document exchange across the enterprises. That causes a huge data entry and validation process whenever any data/document is being exchanged.

One such large problem is B2B payment reconciliation, as there is no trust-worthy solution exists in the market today, to authentically confirm, the payment initiation with the financial institutes to the suppliers in real-time.

⦃param⦄ is a blockchain based WhatsApp-like collaboration platform, mainly used for Account Payable/Receivable automation. We have integrated the Account Aggregator based solution for instantly notify the payment initiation to the Supplier and supplier can independently validate the payment and share real-time confirmation via our application.

This eases the cash management workflow and faster reconciliation.

Challenges we ran into

Uniquely, ⦃param⦄ is a blockchain-based peer-to-peer & server-less application. Therefore we do not aim to be an FIU between the User and the eventual beneficiary, the application manages all the consent requests and data validation. Secondly, we wanted more fine-grain control of data being shared, like instead of a full bank statement, just the ability to share a single transaction by reference number from FIP (I believe this will come in the near future).

Minor hurdles were implementing data-encryption/decryption using node.js modules, where we got good support from the OneMoney team.

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