Nova Technology launches blockchain-based credit management software

Nova Technology, a company that provides a range of software solutions that ensure invoices get paid faster, announced on Thursday, April 12, that it has launched a first-of-its-kind credit management software powered by blockchain.

The software has been launched globally. It offers connectivity to all accounting packages, enabling invoices to be reviewed via the blockchain, and is intended as an innovative way to increase efficiency and transparency in the invoicing process.

About Nova Technology

Founded in 2011 by brothers Pascuál and Ramón AB, Nova Technology offers credit management software powered by blockchain, and provides a transparent and easy billing process to support the entire supply chain.

The firm also makes use of IoT sensors and smart contracts to enable real-time tracking and billing of shipments across supply chain activities, eliminating any room for fraud or human mistakes.

Nova has offices in New York, Singapore, Dubai, Tokyo, Toronto, Amsterdam, and Groningen, and currently has 100 employees globally.

Addressing systemic inefficiencies

The brothers Pascuál and Ramón started their invoicing software 12 years ago after seeing their clients’ struggles with poorly paying customers and disorganised administration.

With their experience in debt collection, they believed that the invoicing system could be much improved, which would facilitate processes hassle-free across the supply chain.

Customers were utilising outdated invoicing software, and the finance departments were in turmoil. Due to this, Nova Technology innovated and enhanced the system for businesses.

Ramón AB says, “Having seen first-hand that it can be better and easier with the right software, we wanted to create something that could most efficiently solve our clients’ day-to-day business challenges. When it comes to invoicing, bringing blockchain technology into the equation is a game-changer.”

This implies that clients of businesses using Nova’s software can now easily confirm the legitimacy of invoices.

Protecting the billing system from fraud

Nova Technology says past incidents have shown that even computer companies are susceptible to phishing assaults and that a lot may go wrong with fake invoices. Paying fictitious bills costs money and jeopardises the organisation’s reputation and responsibility.

Invoices are the largest asset class and the cornerstone of commerce. They are one of the most important and essential sources of information but also carry a danger of abuse.

Liquidity concerns, overhead expenses, disagreements, miscalculations, and fraud are all common problems with invoicing.

“We constantly work toward leveraging technology to hedge against potential issues that could stem from technological advancements. With this software, we’ve used blockchain technology to create an invoicing system that’s transparent and unhackable, making sure that the buyer and seller can trust each other,” says Ramón AB.

“With this launch, we are taking the first step towards a new way of invoicing for businesses. The blockchain-enabled software leaves no room for misunderstanding. This means that doing business on a global scale will become easier and more transparent,” adds Pascuál AB.

As part of its continued efforts to share knowledge and experience in the industry internationally, Nova Technology plans to extend its expansion by setting up offices in Australia and South America later this year.