Add profit, remove friction with blockchain-based AP solution

CoreChain Technologies was launched in 2020 by the company's founder and CEO, Chris Aguas, a payments industry leader who wanted to create the first embedded B2B payments network built entirely on distributed ledger technology.

In addition to wanting to help enterprises transition from paper checks, Aguas saw a need to modernize vendor payment processing and reduce risk of fraud by leveraging advanced digital payment methods such as virtual payment cards and enhanced ACH payments. The resulting platform and trust network, CoreChain Technologies, is designed to streamline B2B payments and help suppliers unlock working capital tied up in approved but unpaid invoices.

The platform uses blockchain technology to reduce related costs of processing payments, automate manual procedures and incentivize payers with cash back offers that are generated by payment streams. Additionally, the company helps small businesses access lines of credit up to $1 million, based on their payments volumes and purchase order activities, the company stated.

Automated payment streams

Tyler Mihalik, director of channel sales at CoreChain, described the company's flagship product, CoreChain Pay, as a direct-to-customer payments automation product.

"Since the launch of CoreChain in 2020, the company's technology has been engineered as a white-label platform, making it available to ERPs, banks or other payment networks looking to offer a B2B payment solution built with enterprise blockchain," he said. "CoreChain Pay is the company's first direct-to-customer payment automation product, allowing companies to simplify business processes, eliminate expenses, and mitigate payments fraud."  

Removing AP friction

Mihalik further noted that CoreChain Pay eliminates challenges that have long plagued finance and accounts payable managers. Managing payables is time consuming, and paper checks are messy and fraught with fraud and inefficiencies. CoreChain Pay, he said, 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—transitioning the accounts payable team from a cost center to a profit center.

Additionally, CoreChain Pay is designed to help accelerate payments for invoices up to 120 days in advance to enable suppliers to improve cash flow by receiving payments before they are due. The company noted that qualifying customers can obtain lines of credit on the platform of up to $1 million, based on their payment volumes and purchase order activities.

Easy ERP integrations

While CoreChain Pay is a direct-to-customer solution, CoreChain pointed out that it partnered with several leading ERP platforms, including Odoo, Acumatica, Sage and Scanco, expanding its footprint by sharing its embedded payment technology with a diversity of business partners, from small and midsize companies to large enterprise organizations.

Numerous B2C businesses have embedded payments into online and mobile offerings to drive profitability, customer loyalty and gain deeper customer insights, CoreChain representatives stated, noting that B2B companies are just beginning to leverage embedded payment capabilities. For ERPs looking to fill that void, they added, CoreChain is a timely solution, and its blockchain framework is designed to facilitate secure and efficient B2B payments.

Poised for client, partner growth

Noting that 65 percent of North America's $40 trillion B2B payments market still relies on paper checks, CoreChain said it is bringing blockchain-built solutions to this massive market, and its supply chain finance solutions are simple and easy to integrate. By integrating the CoreChain B2B payments and supply chain finance solutions into their product mix, ERPs, marketplaces, software solution providers, banks, neobanks and financial institutions can deliver an integrated payments solution to enterprise clients, the company stated, adding that CoreChain partners earn significant new revenue streams.

To date, CoreChain noted, it has processed over $1 billion through its CoreChain Pay platform, helping partners mitigate risk of fraud and improve efficiencies. Going forward, the company plans to continue providing a tamper-proof record for every buyer-supplier transaction, and an immutable source of truth for transactions with perfect visibility to both parties.

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