Russian VTB Bank and steel maker Severstal have developed a new scenario for the unified industry register of quality certificates for metal products. The initiative will make it possible to speed up the shipment of metal products, as well as to carry it out without reference to banking days, including weekends and holidays. Thanks to the new project, the vendor instantly receives invoice payment information and releases the order for shipment. The initiative will allow companies to ship products before they receive money without the risk that they will not be paid. The register itself is implemented on blockchain technologies of the SAP Business Technology Platform. The new software solution is a big step forward in the field of both blockchain technologies and the metallurgical industry as a whole. The main advantage of the solution is its ability to accelerate shipments of goods between Severstal and counterparties by quickly receiving information about payments from VTB Bank.With the emergence of such solutions, which are most typical for B2C, the B2B sector is becoming more convenient, which allows expanding the client base at the expense of potential customers, as well as strengthening business contacts with existing onesThe unified industry register of quality certificates for metal products was launched in 2020. The project is being implemented with the support of Severstal PJSC, TMK, OMK and the Foundation for Development of Tube Industry. A script for checking the validity of quality certificates for metal products has already been launched into productive operation, allowing consumers to verify the authenticity of certificates using the certificate number and manufacturer's code.
Russian VTB Bank and steel maker Severstal have developed a new scenario for the unified industry register of quality certificates for metal products. The initiative will make it possible to speed up the shipment of metal products, as well as to carry it out without reference to banking days, including weekends and holidays. Thanks to the new project, the vendor instantly receives invoice payment information and releases the order for shipment. The initiative will allow companies to ship products before they receive money without the risk that they will not be paid. The register itself is implemented on blockchain technologies of the SAP Business Technology Platform. The new software solution is a big step forward in the field of both blockchain technologies and the metallurgical industry as a whole. The main advantage of the solution is its ability to accelerate shipments of goods between Severstal and counterparties by quickly receiving information about payments from VTB Bank.With the emergence of such solutions, which are most typical for B2C, the B2B sector is becoming more convenient, which allows expanding the client base at the expense of potential customers, as well as strengthening business contacts with existing onesThe unified industry register of quality certificates for metal products was launched in 2020. The project is being implemented with the support of Severstal PJSC, TMK, OMK and the Foundation for Development of Tube Industry. A script for checking the validity of quality certificates for metal products has already been launched into productive operation, allowing consumers to verify the authenticity of certificates using the certificate number and manufacturer's code.
