Zheshang Bank Rolls Out Blockchain Platform for Reimbursing Staff Expenses
China’s Zheshang Bank has been leading other banks with respect to blockchain adoption. A week before, it revealed the launch of an enterprise level blockchain platform, facilitating quick and easy refunding of staff expenses.
The bank was among the first to take the blockchain powered trade finance platform live, following the creatin of Zheshang Chain in 2017.
Almost three years back, using Zheshang Chain, the institution disbursed debt notes backed by a portion of those assets. It did not stop with that. Earlier in June, using the blockchain platform, the institution disbursed asset-backed commercial paper.
With respect to the system for refunding of expenses, “Extremely Simplified Reimbursements” does perform a lot of functions. Initially, sellers can offer invoices digitally, with authentication of the originality of invoice and subsequent payment being carried out by blockchain technology. Permissioned system paves way for the payment info to be disbursed confidentially with the company.
Considering the fact that staffs’ expenses are settled by the employer, the app facilitates the use of corporate accounts by employees without involving anyone. There is no clarity as to whether the blockchain has any crucial role in that feature, apart from certifying that it was the staff who used the facility.
While utilizing the app, staff will be able to precisely show their expenses, for example train or car, meals and online shopping. Several services are incorporated within the app, enabling users to even book taxis or order meals straightaway.
As per a report from Sina.com, the app is being utilized by hundreds of thousands of individuals. The app has been there for a long time as indicated by reviews, dating back to January 2019, posted on Apple’s appstore.
Contradicting positive news by Sena, the app doesn’t command high rating in appstore. The number of one star rating is slightly higher than five-star ratings and several users had alleged that it is not useful.