Nova Technology Develops The First Blockchain-powered Credit Management Software

Originally featured in Technews180, April 2023
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By using blockchain technology, Nova Technology aims to improve invoicing efficiency and transparency throughout the supply chain.

Dutch invoicing management platform Nova Technology launches its blockchain-powered credit management software globally with offices in New York, Tokyo, Singapore, Dubai, and Toronto. Nova Technology is the first credit management software company to use blockchain technology in invoicing. As an innovative solution designed to boost efficiency and transparency in the invoicing process, the new software enables integration into all accounting packages, allowing invoices to be checked via the blockchain.

Twelve years ago, the brothers Pascuál and Ramón launched their invoicing software as they saw the plight of their clients dealing with poorly paying customers and disorderly administration. Given the founders’ background in debt collection, they identified that a lot could be improved in the invoicing system, which could, in turn, make processes hassle-free throughout the supply chain. Clients were using invoicing systems that were lacking in several aspects, and the financial departments were in disarray. This led Nova Technology to innovate and improve the system for companies.

“Having seen firsthand 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,” says Ramón AB, Co-founder and CEO of Nova Technology.

What this means for companies that use Nova Technology’s software is that their customers can now verify the authenticity of invoices effortlessly. The enterprise also utilizes IoT sensors and smart contracts to enable real-time monitoring and invoicing of shipments throughout supply chain operations, leaving no leeway for human error or fraud.

Incidents of the past have shown that not even tech giants are immune from phishing attacks and that a lot can happen over false invoices. Paying fake invoices not only costs money but also puts a lot more at stake, including the organization’s accountability and reputation. Authenticity and credibility have become even more crucial today, especially with the exponential growth of Artificial Intelligence.

“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,” adds Ramón.

Invoices form the largest asset class in the world, approximately $100 trillion per year, and form the foundation of doing business. As one of the most valuable and fundamental sources of information, they also run the risk of being misused. Invoicing is plagued with liquidity risks, operational costs, disputes, losses, and fraud.

Nova Technology plans to expand further by opening offices in Australia and South America later this year as part of its ongoing efforts to share its expertise and experience in the field globally.

“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,” says Pascuál AB, Co-Founder and CEO of Nova Technology.