On average, 3MM – 4MM intercompany invoices are created in GE’s Internal Billing System (IBS) annually. IBS is used to manage intercompany transactions globally and facilitates the settlement of those transactions internally. The system, now over 25 years old, operates on legacy mainframe technology and with rising capital requirements to operate the platform, a replacement is required.
As part of the efforts to modernize GE’s Internal Billing System (IBS), the use of distributed ledger technology was explored to satisfy the intercompany capabilities model and enable GE to transition its mission critical processes from legacy mainframe to the cloud.
In this proof of concept, the Inter-company Distributed Accounting Ledger (iDeAL) application was developed to provide a modern user experience and support a leaner intercompany process for GE.
Within iDeAL, transactions are validated through codified accounting rules to provide end-to-end valid transactions. The Distributed ledger platform keeps track of events for the full lifecycle of the invoice.
101 Blockchains hosts this webinar on Using Blockchain to Improve Intercompany Transactions, presented by:
- Gary Crisci, Principal Architect, GE Corporate
- Francisco Ponce, Technical Program Manager, GE Corporate
Webinar Discussion Topics:
- An understanding of the enterprise capabilities model that drove the decision to use a Blockchain based solution.
- A review of how data flows to and from ERP systems through the distributed ledger.
- A deep dive on the technology stack to review Hyperledger Fabric solution integrated with other tools for data integration, security, and reporting & analytics.
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