This release can be found at businesswire and speaks to a new partnership between Paystand, the Silicon Valley fintech that provides cloud-based billing & payment platform for B2B companies, and Sage, the accounting software firm.
Paystand utilizes a blockchain-based architecture for its’ PaaS capabilities and the integration is directly with Sage Intacct, so businesses using this solution can access the Paystand payments services.
‘For the first time, Sage Intacct customers will be able to create a “self-driving money” experience for their customers and receive payments instantly across Paystand’s zero-fee bank network. The Paystand Sage integration also gives Sage Intacct customers a modern Payments-as-a-Service model, which moves them off the legacy banking infrastructure and provides a cloud-based payment platform that unlocks scalability and helps finance teams improve margin and operating cash flow….Delivered as a native integration to Sage Intacct, Paystand’s technology lets customers:
- create smart invoices with embedded payment options and a branded, next-gen payment experience
- streamline cash flow management with automatic reconciliation of daily bank transfer data
- save time through automated cash application and the ability to easily reconcile deposits, refunds, disputes, fees, and adjustments.’
This is another example of the accelerated trend towards end-to-end automation of financial operations, with a more recent recognition of the value in strong receivables/reconciliation capabilities. Corporate banks have a need to modernize their infrastructure as ongoing challenges such as these will continue growing.
‘“Blockchain has created the blueprint for decentralized finance, and money is now software,” says Jeremy Almond, CEO of Paystand. “Yet, in 2021, businesses and finance teams are still held back by pre-internet infrastructure and monopolistic banking practices that limit their full potential. Our integration with Sage Intacct gives an entire class of companies access to a new payment network that unlocks growth and puts businesses first – not the card networks.”…“Our goal at Sage is to help businesses improve productivity, make effective decisions, and optimize efficiency through automation,” said Melody Williams, VP of Sales Strategy and Operations at Sage. “Partnering with Paystand is a way to make this goal a reality, and we’re excited to work with an industry pioneer that shares our vision of helping businesses scale faster, drive growth, and increase ROI.” ‘
Overview by Steve Murphy, Director, Commercial and Enterprise Payments Advisory Service at Mercator Advisory Group