Of time savings by using FTP
HelloSME’s mission is to help SMEs improve procurement efficiency, security and traceability using our enterprise-grade Blockchain technology. Through the members-only platform, our strategic partners and customers can aggregate demand and perform in-country and cross-border transactions with ease and confidence.
FTP is a horizontal SaaS (Software-as-a-Service) on Blockchain built to enhance closed-loop procurement transactions between buyers and sellers in a seamless manner. As the platform behind two verticals, namely Medical PPE and Semiconductor, FTP provides its trusted buyers and sellers with the benefits of Real Digital Smart (RDS) Contract, payment gateway, end-to-end digital integration and Know Your Customer (KYC) in all aspects of its business.
Based on industry insights, the time spent by buyers/sellers on the procurement process from Purchase Request to Payment can be significant. However, potential savings (processing time) from FTP per year is estimated to be about US$500M, which can significantly improve profitability in industries and verticals challenged with diminishing margins.
SMEs are largely known to be manual paper-intensive, lacking ERP systems or the IT skills to integrate their systems. The absence of integrated workflow and content management is likely to impact productivity and cash flow management.
Of time savings by using FTP
Of time savings by using FTP
RDS is a Real Digital Smart Contract which has sophisticated algorithms to track any changes and/or modifying of the contract. Storing any transactional changes on Blockchain makes it secure, reliable and trackable compared to conventional contracts.
FTP Payment Gateway aims to connect to payment gateways by offering choices to our buyer/seller in settling payment through PayPal, Stripe, bank transfer. An added feature is digital Escrow that is robust enough to scale from 1,000 to 2M transactions a day.
FTP Eco-system’s vision is to provide connectivity of the different buyer/seller ERP systems to ensure seamless transactional flow to reduce manual inputs and paper-based transactions. For those SMEs that do not have ERP, a basic entry level ERP is embedded in the FTP application.
From PR -> RFQ -> PO -> SO -> DO -> Invoice -> Payment, FTP automates and captures the entire process in its entirety. Once payment is acknowledged, the RDS contract between the buyer and seller is then considered closed giving a 360-degree view of the entire transactional flow.
Based on Hyperledger Fabric Technology that supports permissioned blockchain network, smart contract, data privacy and unique transactional model.
FTP provides basic KYC with KYC partners and 2-factor authentication to verify members’ identity to ensure transactions are legit and above board especially cross-border transactions – one of the key ask of SMEs.
FTP enhances end-to-end transactions by integrating multiple service providers in their respective industries such as Medical PPE or Semiconductors. These Service Providers’ Exclusive Offerings will give our SME members more choices and help them minimise their operational costs.
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HelloSME has created a FTP Ecosystem built on Blockchain technology of an immutable nature.
The final outcome—procurement efficiency, scalability, security and trackability for both in-country and cross-border transactions.
The following are the other supporting technological tools and platforms that we have used to build the FTP ecosystem.