Invoice Chain — innovating commercial transactions with the DCJPY network
Decurret DCP serves as the secretariat of the “Digital Currency Forum”, which examines the value and practical application of the digital currency (and planned JPY stablecoin) DCJPY to solve social issues, in collaboration with various companies/organizations, in order to build a financial infrastructure suitable for the digital age and contribute to the efficiency and development of the economy and industry.
In this initiative, where more than 100 companies, local governments, and organizations participate and aim to solve social and industrial issues by examining the value and significance of digital currencies, the Forum plans to establish an Invoice Chain Committee in May 2024.
About the Invoice Chain Committee
In Japan, inter-company settlement among corporate entities has seen the development of digitization services for invoicing, payment, reconciliation, and accounting, focused on improving operational efficiency within the paying and invoicing companies, respectively.
Additionally, industry-specific EDI and PEPPOL standards have been developed to streamline information exchange between companies. The next phase will require a system that can automatically process transactions using programs, utilizing the data that companies have accumulated through digitization of internal operations and the existing systems such as EDI and PEPPOL.
Today, there is a demand for efficiency in inter-company settlement and international digital invoicing due to population decline, technological innovation, and diversifying customer needs. The construction of an industry-standard system for inter-company settlement, which the Invoice Chain Committee aims to achieve, will enable the reduction of costs associated with system modifications for regulatory compliance, as well as the reduction of manual labor and time required for tasks such as confirming outstanding receivables and payables with trading partners and internal information sharing across departments, all while leveraging existing implemented systems and automating the collection and processing of necessary information.
Furthermore, the realization of this initiative will lead to the emergence of new businesses that will elevate the Japanese economy to the next stage, such as AI-driven transaction analysis and marketing applications, the creation of new financial services utilizing transaction information, and the development of shared service businesses targeting entire industries.
The Invoice Chain Committee will discuss and examine whether an industry-standard system utilizing blockchain technology and the DCJPY digital currency can solve issues related to inter-company settlement, as well as consider the standardization of currently siloed accounting and payment services. Participating companies include major accounting system and ERP companies, as well as general business enterprises, and further participation from a wide range of companies will be sought going forward.
Invoice Chain Committee Participating Companies
The initial members of the Invoice Chain Committee will be as follows. The number of participating companies is expected to expand in the future.
- Internet Initiative Japan
- OBC (Orbic Business Consultant Corporation)
- Tsuruha Holdings
- Hitachi
- Miroku Information Service
- INTEC (tbc)
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