Yes, bitcoin is real and it is a legitimate financial asset, much like any commodity. I use the word “commodity” because that’s what this particular cryptocurrency behaves like. Many comparisons have been made to gold, which is reasonable because the value of bitcoin is not derived from any functional use. Its price is completely driven by supply and demand combined with a good measure of euphoria.
Financing the supply chain is an age-old challenge for corporations, banks and suppliers, and the CFOs and treasury teams who manage procurement budgets. What has changed in recent years is the adoption of innovative technology solutions that create a dynamic layer of visibility in the supply chain, adding opportunities for suppliers who have otherwise funded their receivables up to 140 days or more before they had any notification that they would be paid by their customers.
Corporations use many different types of system to process their payments, from banking portals and ERPs to AP systems and home-grown solutions. With so many systems in the mix, how can CFOs and CIOs have total confidence in the accuracy of their payments processes?