In the realm of modern business, where digital transactions reign supreme, compliance with regulatory standards is non-negotiable. Trakti, a pioneering force in contract lifecycle management, continues to lead the charge to revolutionise the way companies address compliance requirements. Building on its tradition of innovation, Trakti is excited to announce the launch of its latest innovation: DORA compliance made simple.
Reading time: 5 min
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Currently, ESG issues have become a major concern for businesses. To efficiently address these issues, enterprises must build quality and/or quantity monitoring systems. However, in traditional monitoring systems, data tempering and centralized storage have become barriers to reliability. Furthermore, due to lack of automation, traditional monitoring systems are inefficient.
Fortunately, Blockchain technologies and smart contract can provide all we need to overcome the above disadvantages and deficiencies.
Reading time: 4 minutes
Open Banking is an innovative model for banks and the financial industry. We can define open banking as a digital technology that revolutionised banks and financial services. Its aim is to establish, support, and strengthen clients’ trust. It allows banks to offer more agile financial services to their customers, helping them to make better decisions, and save money.
When Open banking comes with contractual automation, it can reduce financial management costs.
Digital disruption, FinTechs and Regulatory compliance such as the Revised Payment Services Directive (PSD2) have accelerated the competition in the financial sector and forced banks to open and speed up their systems.
APIs are used for sharing financial data in the open banking ecosystem. Using API, banks can now remodel and innovate their core systems.
Reading time: 4 min
Organisations have lots of business relationships dictated by contracts and their terms. While contract managers work diligently to keep track of contract terms, provisions, and obligations in a methodical fashion – there are additional solutions for contract management.
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In today’s rapidly changing and competitive market, procurement departments are under pressure to deliver value beyond cost savings. Companies are continuously looking for areas where they can improve the efficiency of their procurement process while making it more sustainable.
However, to achieve this, crucial decisions need to be made based on the right data and metrics; Tracking essential KPIs for procurement management is vital. While these metrics can vary from company to company, there are several fundamental procurement KPIs that should be considered, regardless of industry.
Reading time: 3 minutes.
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The role of procurement relies on making decisions quickly.
The quality of his decisions is based on the quality of his data and this is where Smart contracts can have a decisive effect on procurement.
A Smart contract is executable code in a transactional environment, such as a blockchain which allows the simple streamlining of business services.
The procurement functions can widely benefit by adopting Smart contracts based on blockchain technology.
The inner characteristics of this technology, as speed, efficiency, transparency and immutability, offer exclusive benefits.
In this article we will examine how Smart contracts can affect procurement.
Reading time: 4 min
A non-compete agreement prevents one or both of the contracting parties from competing with the other party in certain ways. It can either be inserted as one of the terms of the contract or it can form a stand-alone agreement. This agreement shall include reasonable time limits and territorial restrictions. It must not go beyond what is reasonably necessary to protect legitimate commercial interests otherwise might be unenforceable.
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