Blockchain B2B Platform Targets Venmo-Like Experience

While blockchain technology is often linked with cryptocurrency, its potential extends far beyond just crypto transactions. The B2B sector can greatly benefit from the use of blockchain as it presents a solution to long-standing challenges businesses face in sending, receiving and recording payments. One company leading this transformative shift is Paystand.

Paystand has already attracted over one million businesses to its platform. Recently, the company acquired Teampay and together they have processed more than $10 billion in B2B transactions since their inception – accounting for approximately 2% of a market which is projected to grow by over 40% by 2028.

Albert Bodine, Director of Commercial and Enterprise Payments at Javelin Strategy & Research believes that "blockchain is going to be a game-changer." He points out that traditional banking systems are costly and non-transparent while expressing optimism about blockchain's potential impact on the B2B space once it sheds some of its association with cryptocurrency.

The financial advantages enjoyed by consumers through peer-to-peer (P2P) platforms like Venmo have eluded businesses due to outdated accounts payable (AP) and accounts receivable (AR) processes. These processes can prove inefficient and expensive, but Paystand aims to bring P2P convenience into business payments.

Paystand’s network operates on Ethereum blockchain allowing for quick reliable payments without any fees. CEO Jeremy Almond asserts that integrating Teampay will revolutionize payments creating not only a seamless fee-free B2B network but also introducing decentralized finance into conventional spaces.

This development could provide much-needed relief for B2B customers who've suffered under persistent inflation coupled with high interest rates seeking ways to reduce costs. In line with this objective, Paystand has made several strategic moves including full dynamics integration with Microsoft Dynamics 365 Business Central following the acquisition of Teampay.

The initial application for Dynamics users will be streamlining AR via Paystand’s capabilities. This move aligns with Bodine’s findings in his recent report, Movements in Global Payments and Banking: 2024 Edition where he noted that blockchain will have significant influence especially on cross-border payments.

The global payment landscape is riddled with inefficiencies particularly when it comes to cross-border transactions. The process can be slow, expensive and lack transparency – issues which blockchain technology can address effectively. By facilitating secure peer-to-peer transactions without the need for intermediaries, blockchain could significantly streamline B2B payments leading to reduced costs and improved efficiency.

In conclusion, while many associate blockchain primarily with cryptocurrency its potential applications are far more wide-ranging. Companies like Paystand are already harnessing this technology to revolutionize the B2B sector providing a more efficient cost-effective way of conducting business transactions. As we move into the future it's clear that businesses embracing innovative technologies like blockchain stand to gain a competitive edge in their respective markets.