PaymentsJournal
SUBSCRIBE
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
No Result
View All Result

Blockchain Payments Startup Paystand Rakes in $20 Million to Automate Commercial Payments

Steve Murphy by Steve Murphy
February 10, 2020
in Analysts Coverage, B2B, Blockchain
0
Paystand
6
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

This article appeared in VB and discusses Paystand, a 2014 startup based in the San Francisco area that specializes in modernizing B2B payments.  In this case, the company received a $20 million funding round from multiple investors with the intent to expand its customer base around a blockchain platform.

‘Paystand has raised $20 million to modernize commercial payments using its blockchain-based platform and make paying a corporate bill as easy as making a consumer payment with a mobile app. The Scotts Valley, California-based company will use the money to accelerate expansion of its products and services and grow its team.’

We have been discussing BCT as a means of improving trade services through smart contracts and supply chain tracking, along with cross-border payments experiences. While a bit short on retails (and we have not had a chance to get a detailed briefing on how it works), this seems to be a domestic payments model – so far.

Even so, one assumes its translatable and the article indicates is multi-currency, mostly about bringing the elements of cash cycle processes into a BCT platform that promotes convergence.  This is a theme we have noticed for a couple of years now.

‘“It’s like Venmo for complicated transactions for commerce,” Almond said. “We are rebooting the financial infrastructure because a lot of it was built pre-internet. It holds companies back. We’re coming in with a new business model, doing payments-as-a-service.”…Paystand also automates the payment experience from invoice to reconciliation and integrates seamlessly with a company’s system of record. And it provides a real-time, fund-verified, blockchain-assured payment network that can move money between businesses instantly.’

There is no mention of cryptocurrency, which is normally in the same sentence when discussing BCT payments (typically cross-border, however).  So we’ll have to learn more.  The non-transactional business model uses subscriptions, which seems to be resonating based on some of the growth Paystand shows.  One thing for certain, the promise of massive processing cost reductions should turn some heads.

“We enable the infrastructure between companies to use what they call smart contracts. We pay you on these terms. How do you ensure that happens? Blockchain infrastructure is good for that kind of thing,” Almond said. “We have pioneered assurity-as-a-service, which is our view of [what] the scaled commercial blockchain looks like.”

Overview by Steve Murphy, Director, Commercial and Enterprise Payments Advisory Service at Mercator Advisory Group

Tags: b2b paymentsBlockchainCommercial PaymentsFundingMobile AppPaystandStart-up
6
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

    Analyst Coverage, Payments Data, and News Delivered Daily

    Sign up for the PaymentsJournal Newsletter to get exclusive insight and data from Javelin Strategy & Research analysts and industry professionals.

    Must Reads

    instant payments, real-time payments, RTP

    Banks Developing Instant Payments Products in the U.S. Should Focus on Billers to Generate New Revenue Streams  

    May 31, 2023
    Digital Wallet Use Delivers on Convenience and Security

    Digital Wallet Use Delivers on Convenience and Security

    May 30, 2023
    5 Ways to Protect Your Financial Institution from a Cyberattack

    5 Ways to Protect Your Financial Institution from a Cyberattack

    May 26, 2023
    traditional banks

    How Traditional Banks Can Modernize Without Risk

    May 25, 2023
    identity fraud

    Javelin’s Identity Fraud Study Highlights the Changing Nature of Fraud

    May 24, 2023
    SASE, security-as-a-service

    Security-as-a-Service Secures
    Distributed IT Models

    May 23, 2023
    mule. real-time

    Early Detection of Mule Activity Requires Real-Time Solutions

    May 22, 2023
    embedded finance, ecommerce

    How Retailers Can Enter the World of Embedded Finance Confidently 

    May 19, 2023

    Linkedin-in Twitter

    Advertise With Us | About Us | Terms of Use | Privacy Policy | Subscribe
    ©2023 PaymentsJournal.com

    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    Menu
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    • Industry Opinions
    • Recent News
    • Resources
    Menu
    • Industry Opinions
    • Recent News
    • Resources
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Industry Opinions
    • Faster Payments
    • News
    • Jobs
    • Events
    No Result
    View All Result

      Register to download this complimentary report from Brightwell: