Invoices are the most common business documents in the world, yet businesses large and small still face myriad challenges in managing invoices. Muhammad Anjum believes blockchain technology can change that, and as he shared on the second day of the BSV Global Blockchain Convention, he is doing it all on the BSV blockchain at scale.
Anjum is the Team Leader at InvoiceMate, an invoice management company that caters to a client’s needs from invoice generation to payment and recording. In his presentation, Anjum, who is also the head of the BSV Hub in Dubai, talked about the challenges companies face with their invoices, how he solves them and his big ambitions for the future.
As simple as a document like an invoice, it is essential for any business. Despite this, challenges abound, including duplication, loss or damage to invoices, insecurities in the review and approval processes, and numerous frauds. This makes even large financial institutions reluctant to finance bills, no matter how lucrative.
InvoiceMate chains every process in the invoicing journey, from invoice creation to payment and funding. Each step of the billing journey is assigned a unique digital fingerprint via NFTs, and everything is put on the BSV blockchain.
Anjum told the audience that he chose the BSV blockchain “because for a real use case, you need a real blockchain.” BSV has proven it can handle large amounts of data while keeping transaction fees low, unlike some like Solana, which caved under pressure, and others like Ethereum, where fees skyrocket when usage increases. Anjum understands how far ahead BSV is, having started with private registries before migrating to BSV.
“[BSV] helps businesses do things on the blockchain with low cost, high throughput, and most importantly, its power-efficient proof-of-work blockchain is the best,” he said.
Over the past year, InvoiceMate has focused on commercial customers, many of which are corporations. However, it has now developed a plug-and-play lite version for its retail customers, which anyone can access through an app and start invoicing on the blockchain.
Know your bill and why it matters
In the business world, knowing your customer and knowing your business are essential to compliance requirements. Anjum introduced knowing your bill (KYI), and as he told the audience, it’s just as important in today’s world.
Invoice processing is tricky for most financial institutions as they can be changed, manipulated and even under or overcharged. But with all billing details available on the blockchain, “you get complete real-time visibility without any fraud.”
In addition to eradicating fraud, KYI allows users to profile the risks of their customers. One can easily retrieve all billing and payment details related to a user as the blockchain is immutable. KYI also offers users real-time trade settlement and monitoring along with process automation which ultimately makes the process paperless and reduces costs.
As an added bonus, InvoiceMate enables its users to source invoice financing from the digital asset industry, tapping into a $1 trillion market beyond the traditional banking system.
Born in Pakistan and now residing in Dubai, Anjum fully understands the Islamic financial and payment system – and it is much stricter than anywhere else in the world, he said. In addition to observing conventional financial laws, Islamic businesses must be Sharia compliant. InvoiceMate is building an ecosystem that provides liquidity to SMEs that cannot obtain financing from traditional institutions, while being Sharia-compliant, he said.
Anjum has big goals for InvoiceMate, he revealed. By the third quarter of the year, he intends to make the platform a complete accounting system powered by the BSV blockchain and, by the end of next year, to make it a full accounting system. enterprise resource planning (ERP) software company, all on-chain.
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