A Thing
The Green SheetGreen Sheet

The Green Sheet Online Edition

May 08, 2023 • Issue 23:05:01

New Products

Boost profits, zap fraud with embedded B2B payments

Product: CoreChain Pay
Company: CoreChain Technologies

CoreChain Technologies launched an embedded B2B payments network utilizing distributed ledger technology to automate direct-to-customer payments. The company said the secure, digital, cloud-based system is designed to eliminate paper checks, reduce fraud risk, simplify vendor payments and increase profits.

Chris Aguas, CoreChain co-founder and CEO, noted the platform can help transition Accounts Payable teams from cost centers to profit centers. "CoreChain Pay eliminates many of the challenges that have long plagued finance and AP managers," he said. "Managing payables is time consuming, and paper checks are messy and fraught with fraud and inefficiencies. Enter CoreChain Pay, which offers a single, simple automated Payments Solution that uses your existing accounting system to pay your vendors digitally and earn an incentive at the same time."

Aguas further noted CoreChain Pay makes it easy to manage vendor payments processing using virtual payment cards, enhanced ACH and other digital methods. This can help companies transition away from inefficient legacy "paper checks," while navigating to modern digital payments and enhancing security, he stated.

More than just AP

Aguas pointed out that CoreChain Pay leverages blockchain technology to mitigate fraud risk and provides a tamper-proof record for each buyer-supplier record, which provides an immutable source of truth for transactions with visibility to participants. He also noted that the CoreChain Pay platform can help business owners and suppliers access working capital, which gives business owners, finance managers and executives better control of cash flow.

CoreChain Pay's incentive program is also designed to reduce the expense of payments by offering customers a revenue share of payments flowing through the platform.

Additionally, suppliers can accelerate invoices by as much as 120 days to receive payments before they are due, enabling businesses to further improve cash flow. Customers also have optional access to lines of credit up to $1 million, based on payments volumes and purchase order histories.

Jeremy Potoka, founder of Presales Leader, commended CoreChain Pay for its innovative approach to B2B commerce, stating the platform has helped his company democratize partner and supplier payments. "As a supplier customer receiving payments, we're able to deal directly with our entire ecosystem of business constituents, without the need of an intermediary, making payments faster, cheaper and more secure," he said in a statement. “It's how business-to-business should be done.”   

Building a better future

Noting that CoreChain is the first digital B2B payments network to be built entirely on enterprise blockchain technology, company representatives said CoreChain continues to grow its technology suite and professional networks to facilitate secure, agile and efficient B2B payments. This approach outperforms legacy methods, they added, by enabling suppliers to finance working capital that would have otherwise been tied up in approved but unpaid invoices.

Company representatives also mentioned that 65 percent of the $40 trillion B2B payments market in North America is processed via paper check. CoreChain, a SOC-2-compliant fintech company, is driving digital transformation of this massive market through paperless, secure and efficient payments solutions. CoreChain has processed over $1 billion in payments across 240,000 suppliers, they added, and continues to expand its B2B payments network.

CoreChain said it delivers B2B payments and supply chain finance solutions "in a box," which can be easily integrated with any partner. The CoreChain Pay platform is designed to deliver an integrated payments solution to a range of enterprises such as ERPs, marketplaces, software solutions, financial institutions and neobanks.

"CoreChain's award-winning distributed ledger technology (DLT) automates the exchange of transaction data and funds within a secure and trusted network environment, empowering B2B marketplaces, B2B software platforms and banks," Aguas said. "We offer payments and financing services to buyers and suppliers via our API-centric, white-label platform." end of article

Website: https://corechain.tech Contact: sales@corechain.tech

The Green Sheet Inc. is now a proud affiliate of Bankcard Life, a premier community that provides industry-leading training and resources for payment professionals. Click here for more information.

Notice to readers: These are archived articles. Contact names or information may be out of date. We regret any inconvenience.

Prev Next
A Thing