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Chinese bank Zheshang has been leading the pack when it comes to blockchain. Last week it was revealed that it is running a blockchain system aimed at businesses to make reimbursement of staff for reimbursement requests faster and easier.
The bank was one of the first to activate blockchain for trade finance when it created Zheshang Chain in 2017. More than two years ago, it securitized some of these assets by issuing an asset-backed loan note on Zheshang Chain.
And it didn’t stop. In June, it issued asset-backed commercial paper using blockchain.
Going back to the expense reimbursement solution, “Extremely Easy Refunds” does a lot of things. First of all, sellers can provide the invoices electronically and the blockchain makes it easier to verify that the invoice is genuine and that the payment has been made to the seller. The authorization allows the confidential sharing of payment data with the company.
The app also allows staff to use corporate accounts, most of which are paid directly by the employer. It’s unclear whether blockchain plays an important role in that functionality, aside from possibly verifying that it was actually the employee who consumed the service.
When using the app, staff can choose from several categories of expenses, including train or car travel, online shopping and meals. Many services are integrated with the app to directly order meals or taxis and then all details are recorded.
According to a report from Sina.com, the app has already been used by hundreds of thousands of individual users. It’s also been around for some time, as we found reviews in Apple’s appstore dating back to January 2019. Despite Sina’s positive report, the app wasn’t rated too highly in the appstore. The one-star ratings slightly exceeded the five-star ratings, and some users said it had poor usability.
