PayStand Rolls Out Blockchain Certification of Payments

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PayStand, a next generation B2B payment and billing company, is leveraging the Blockchain in a completely new way for enterprise payments.

PayStand customers can now certify and notarize payments (from request to receipt) on the Blockchain, ensuring the history of payments is secure, independently verifiable, and free of tampering.

Jeremy Almond, CEO, PayStand, said:

“Since the founding of the company, PayStand has been a huge believer that Blockchain has the ability to radically transform financial services. Our newest Blockchain certification product demonstrates our continued commitment to help enterprises leverage the cutting-edge and digital native technology to improve their payment, invoice, and billing process.”

Traditionally, third-party notaries or auditors manage certifying payment records. By utilizing the Blockchain, organizations now have an independent, decentralized and cryptographically secure way to verify that a payment has been made and its information has not been tampered with, increasing the security and audit capabilities.

Fraud in trade finance alone accounts for nearly $4 trillion a year, due to exploitable flaws in manual record keeping. While standard record systems only ensure an audit trail once a recorded is altered, PayStand leverages a core feature of the Blockchain called immutability, which creates a permanent record of all transactions. In an era where headlines of corruption are commonplace, immutable records can facilitate a much higher degree of transparency and accountability.

The way the new product works is simple:

Every PayStand customer gets to choose if they want their payments to be certified. When they choose to enable certification, every payment request associated to an invoice has a hash of the requested amount and related information. That hash is confirmed on the Blockchain as well as to the sender and recipient. At any time, the sender or recipient can verify the information by clicking on the certificate to make sure the records match what both parties have as well as the permanent and immutable record of the transaction. No information is stored on the Blockchain, only the certification and audit trail. Additionally, all PayStand customers have access to a dashboard in which they can view the history of all payments and the certified audit trail of each.

Almond continued:

“As the world becomes more digitally driven, it only seemed logical to document financial transaction with a more convenient, secure method. By using the Blockchain, we’re giving businesses the opportunity to eliminate human error. A Blockchain certified payment receipt creates greater trust for all parties, enables added compliance and transparency in the system, makes for better digital tracking, and identifies fraud more easily. There’s no doubt that Blockchain processing will become more integrated with businesses’ financial processes.”

For more information, visit www.paystand.com

About Richard Kastelein

Founder of industry publication Blockchain News, partner at ICO services collective CryptoAsset Design Group (helped raise over $200m+), director of education company Blockchain Partners (Oracle Partner) and ICO event organiser at leading industry event  CryptoFinancing (first ICO event in Europe) - Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He sits on the advisory boards of half a dozen Blockchain startups and has written over 1200 articles on Blockchain technology and startups at Blockchain News and has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat.
 
Kastelein has spoken (keynotes & panels) on Blockchain technology in Amsterdam, Antwerp, Barcelona, Beijing, Brussels, Bucharest, Dubai, Eindhoven, Gdansk, Groningen, the Hague, Helsinki, London, Manchester, Minsk, Nairobi, Nanchang, San Mateo, Shanghai,Tel Aviv and Venice. His network is global and extensive.
 
He is a Canadian (Dutch/Irish/English/Métis) whose writing career has ranged from the Canadian Native Press (Arctic) to the Caribbean & Europe. He's written occasionally for Harvard Business Review, Wired, Venturebeat, The Guardian and Virgin.com and his work and ideas have been translated into Dutch, Greek, Polish, German and French.
 
A journalist by trade, an entrepreneur and adventurer at heart, Kastelein's professional career has ranged from political publishing to TV technology, boatbuilding to judging startups, skippering yachts to marketing and more as he's travelled for nearly 30 years as a Canadian expatriate living around the world.
 
In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, "The Hitchhiker's Guide to the Seas' travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, Netherlands where he's raising three teenage daughters with his wife and sailing partner, Wieke Beenen.

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