Incorporating blockchain technology into its accounting platform, Visma | yuki has become the first in Europe to allow the authenticity of receipts and invoices to be automatically verified.
There are several ways in which the procurement function can experience fraud, one type, in particular, is invoice fraud, billing schemes or authorised push payments (APP). Ways in which criminals attack an organisation in this way include:
- Notifying a company that payment details have changed and providing alternative details
- Submitting fake invoices to get an organisation to issue fraudulent payments
- Monitoring emails and analysing past invoices to produce a genuine-looking payment request at the right time
How can non-fungible token (NFT) invoicing help to secure the process?
By harnessing blockchain technology, Visma | yuki’s non-fungible token (NFT) invoicing provides senders with the ability to issue an invoice with a validated key.
"With CEO fraud and other security challenges, it is important to be able to trust incoming invoices 100%. With the implementation of NFT invoicing, we are taking a big step towards realising our goal; a 100% automated accounting system," said Jeroen van Haasteren, Head of Products at Visma | yuki.
Utilising mintBlue technology, the solution identifies whether two invoices are identical, if they are then the invoice is automatically processed. Once verified it is also possible to pay the invoice automatically, with the software taking into account the best time to based for optimal cash flow.
While the invoice process is largely automated, it is not necessarily secure. Organisations can face many types of third party risks and challenges including being hacked, bankruptcy, raised prices, discontinued services, and changes to regulations.
Blockchain provides the procurement function with a readily available database independent from third parties, with no single central control of information. As a result, companies can validate within seconds whether an invoice is authentic.
"We have been working on a smart solution to a complex problem since we started out ten years ago. By adding blockchain technology to our accounting platform, we make sure that incoming invoices are correct. It is also possible to always retrieve a digital version of physical receipts from the blockchain. In this way, we realise 100% recognition of paper receipts,” added van Haasteren.