As the first company in Europe, Belgian Visma | yuki has incorporated blockchain technology into its accounting platform, allowing the authenticity of receipts and invoices to be automatically verified. This represents the first step in fully secure automation of invoice processing and payment.
Spoof invoices are becoming increasingly difficult to spot. It involves a lot of verification work to get right, despite the high degree of automation. The recipient of the invoice remains responsible for checking and processing.
With NFT (non-fungible token) invoicing, Visma | yuki allows the sender to issue an invoice with a key validated with the invoice on the blockchain, thanks to technology from mintBlue. If both invoices are identical, automatic processing takes place. If verified, it is even possible to pay the invoice automatically. The software can then take into account the best time to pay for optimal cash flow.
Invoice processing is already automated to a large extent. But automation is not necessarily safe. Dependence on third parties is a potential weakness. For example, a supplier in the processing chain can be hacked, go bankrupt, raise prices sharply, or discontinue service. And governments can change rules for the standardisation of invoice processing, causing automatic processing to stall.
Not dependent on third parties
Blockchain is an always-available database that is not dependent on third parties. No single central party controls the information, so users can assume that the data is and will remain correct. Companies can therefore validate in a split second whether the invoice they received is authentic. Paper receipts can also be processed securely via the blockchain.
A 100% automated accounting system
"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,” said Jeroen van Haasteren, Head of Products at Visma | yuki.
"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," he concluded.
For more background on how NFT invoicing works, please take a look at this video.
For questions, please contact:
Jeroen van Haasteren, Head of Products, Visma | yuki: email@example.com
Niels van den Bergh, CEO and Founder, mintBlue, firstname.lastname@example.org.
Visma | yuki
Since 2007, Yuki has grown into a top player in accounting software, active in Belgium, the Netherlands and Spain. Innovation has always been at the forefront. Yuki's innovative approach has contributed, among other things, to the introduction of robotic accounting into the Dutch market. Since August 2020, Yuki has been part of Visma: European leader in cloud business solutions. www.yuki.nl
mintBlue is a provider of blockchain infrastructure. This means that organisations can focus on an application without worrying about the complex underlying blockchain structure. www.mintblue.com