NEW HAVEN, Conn.--(BUSINESS WIRE)--CoreChain Technologies, the first embedded B2B payments network built on distributed ledger technology, today announced the launch of its direct-to-customer payments automation product, CoreChain Pay™. The secure, digital, and cloud-based system allows companies to eliminate paper checks, reduce fraud risk, simplify vendor payments, and increase profits, while also gaining access to working capital solutions for companies and their suppliers.
CoreChain Pay makes it easy to manage vendor payments processing using virtual payment cards, ACH and other digital methods. By helping companies transition away from inefficient legacy “paper check” based solutions to a modern digital payments tech stack, CoreChain is simplifying business procedures, eliminating expenses, and enhancing security. CoreChain Pay mitigates the risk of payments fraud by providing a tamper-proof record for every buyer-supplier transaction, and an immutable source of truth for transactions with perfect visibility to both parties.
The platform also provides more cash control for business owners, finance managers and executives. CoreChain Pay reduces the expense of payments through an incentive program that allows customers to share in the revenue generated from payments. Additionally, suppliers can accelerate invoices (up to 120 days) to receive payments before they are due, enabling businesses to improve cash flow. And customers have access to lines of credit up to $1M based on their payments volume and Purchase Order activity.
“CoreChain Pay eliminates many of the challenges that have long plagued finance and AP managers,” said Chris Aguas, Co-Founder and CEO of CoreChain. “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. Transition your AP team from a cost center to a profit center.”
With over $1 Billion in Payments Processed to date and over 250,000 suppliers in the CoreChain Network, CoreChain is the only network built for scale and security on enterprise Blockchain to streamline B2B Payments.
“Using CoreChain Pay, we’ve democratized the payments process with our partners and suppliers,” said Jeremy Potoka, Founder of Presales Leader. “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. It’s how business-to-business should be done.”
Launched in September 2020 and led by proven FinTech entrepreneurs, CoreChain is the first digital B2B payments network built on blockchain, and is building a network of networks, which enables businesses to pay other businesses securely, quickly, and efficiently compared to legacy methods, while unlocking lending opportunities for suppliers to finance working capital tied up in approved, but unpaid invoices.
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 to offer payments and financing services to their buyers and suppliers via our API-centric, white-label platform.
For more information, visit: CoreChain.tech