Large companies often have multiple offices. Each of these offices has multiple associated bank accounts. Despite digitization of banks, most banks have different statement formats that are either made available as a soft copy over email, or (in some rare cases) via an API. This leads to a major manual tasks and thereby frictional costs in reconciling these bank accounts with the company's books of accounts.
Using Blockchain Technology, we have created a friction-less and transparent integration service that links banks with their corporate account holders in order to automate the task of bank reconciliation.
At Somish, we established a Blockchain Centre of Excellence in 2016. Our team has continuously focused on using Blockchain to tackle key challenges of industries like BFSI, Agriculture, Aviation and Governments. Some of our other key Blockchain projects have been highlighted below.
P2P Insurance Mutual
Bringing back insurance in a very cost efficient way by allowing individuals to form groups that can share risk at affordable costs.
Single Version of Truth for OEM, MRO, Aircraft, Airline & Aviation Authorities efficiently reducing operating costs & layover times.
Public Distribution System with assured and accurate end utilization enabling transparency, Traceability & Standardization.
Crisis Fund Distribution
A global common ledger for raising, allocating & distributing aid, donations and grants during times of crisis.
P2P Energy Trading
Blockchain platform for P2P energy trading with turing complete solar panel meters and bidding system.
A DLT solution for Banks, Manufacturers and their Vendors to majorly reduce processing timeframes.
Immutable Audit Trail
A DLT solution for moving ahead of RDMBS implementations to store Audit Trail data on an immutable, trusted ledger.
Tokenized Fund Transfer
Domestic Fund Transfer on Blockchain for emerging markets to tackle Financial Inclusion without last-mile bank branches.
A DLT solution for bank reconciliation eliminating an age-long problem of different statement formats of different banks.