Connecting blockchain with financial process automation- Centrifuge partners with Avvaneo
Centrifuge, the Operating System for the financial supply chain, and avvaneo, a full-service financial process automation (FPA) consultant, announce a partnership to create a more open and innovative blockchain based-supply chain for ERP, accounting systems, and other financial processes.
Imagine a scenario where business documents like invoices and purchase orders are seamlessly exchanged between business partners using one standard. Centrifuge’s open Blockchain technology keeps the data private and secure, but immutably verifiable by other participating entities in the network.
Through their partnership, Centrifuge will provide the open source technology that avvaneo will integrate into ERP and other accounting systems. This will enable clients and third parties to collaborate and exchange money, purchase orders, issue invoices and other important documents in a privacy-preserving, secure, and verifiable environment — all using a single standard. The new end-to-end solutions will bring higher levels of transparency and efficiency, with greater cost optimization, and will be easy for companies to plug into existing systems and use without friction.
avvaneo, specialists in creating added value with optimized business processes.
avvaneo is a full-service financial process automation consultancy whose team of industry specialists and network of leading technology partners delivers impartial and comprehensive financial automation services, solutions, and support for businesses across all industries in more than thirty countries. Founded by industry experts, Carsten Nelk and Thomas Schmid, previously co-founders of Ebydos AG, the company’s mission is simple: to create added value through optimized business processes for global clients.
“As FPA consultants, we promise clients impartial advice and optimal solutions, so naturally, we are keen to partner with visionary companies like Centrifuge,” said Carsten Nelk, President and co-founder of avvaneo. “Blockchain’s potential to solve challenges and improve processes is starting to crystallize and with this partnership, we expect to quickly contextualize blockchain in financial processing and develop effective and meaningful real-world solutions.”
Centrifuge: The Open Protocol for the Financial Supply Chain
At Centrifuge, we are building an open protocol for the financial supply chain: a decentralized network to connect businesses globally.
Centrifuge allows companies to exchange documents of the financial supply chain, the protocol is open source and every business on the planet can join. The document data that is exchanged on the network remains private among participants but can be publicly verified on the Ethereum blockchain. This creates a single source of truth for the document: a proof of transaction for all involved parties, including document status and changes, as well as related timestamps, which can be verified at any given time.
Additionally, Centrifuge allows for the tokenization of the business document, in the form of Centrifuge business NFTs. The business NFT is a standard that allows for access, trading and transfer of ownership of an asset, an invoice for example, or a payment obligation.
We are proud to partner and collaborate with avvaneo on our journey towards a more open financial ecosystem. Together, we are building a network and collaborative space to solve the challenges of decentralized finance.