Stock illustration: Transfer of digital currencies

Last week, Treasury & Risk started a conversation with Alexander Bant, chief of research in the Gartner Finance practice, about why his firm predicts that 20 percent of large enterprises will be using digital currencies by 2024. Bant explained how the combination of smart contracts, blockchain technologies, and digital currencies have the potential to reduce, or even eliminate, human touch in the procure-to-pay process.

Although Gartner doesn’t yet see companies employing digital currencies in quite this manner, many are beginning to educate themselves about the implications of incorporating digital currencies into their operations. This week, we’re continuing the conversation.


Treasury & Risk:  Beyond the increased efficiency for staff that we discussed last week, what are the other benefits to companies of implementing automation throughout the procure-to-pay cycle?

Alexander Bant:  One potentially large benefit is in the area of fraud. North American companies that deal primarily with the Fortune 500 may not see a lot of fraud going on with corporate contracts. But once you move beyond that and start talking about entities in foreign locations, and you start considering the geopolitical conflicts that may arise, access to digital money that is outside the jurisdiction of any government entity might improve your trust in a business’s operations.


T&R:  And why are digital currencies less vulnerable to fraud than transactions denominated in other currencies?

Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.

Your access to unlimited Treasury & Risk content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical Treasury & Risk information including in-depth analysis of treasury and finance best practices, case studies with corporate innovators, informative newsletters, educational webcasts and videos, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM websites including PropertyCasualty360.com and Law.com.

Already have an account?


NOT FOR REPRINT

© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

 

Treasury & Risk

Join Treasury & Risk

Don’t miss crucial treasury and finance news along with in-depth analysis and insights you need to make informed treasury decisions. Join Treasury & Risk now!

  • Free unlimited access to Treasury & Risk including case studies with corporate innovators, informative newsletters, educational webcasts, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM publications including PropertyCasualty360.com and Law.com.

Already have an account? Sign In Now
Join Treasury & Risk

Copyright © 2023 ALM Global, LLC. All Rights Reserved.