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, Publisher and Editor in Chief of Blockchain News and co-founder and director at Blockchain Partners in London/Amsterdam/NYC, Richard Kastelein is also an advisor with a number Blockchain startups doing ICOs including DECENT.ch, Inchain, Humaniq, Chronobank, eGaas and others.

He is regarded as one of the top journalists by the Blockchain and fintech communities – as is evident by his entry in the Top 150 Fintech journalists online and in the top 10 of the Blockchain Top 100 List. As a prominent keynote presenter, he has spoken on Blockchain at events in Gdansk, Amsterdam, Minsk, Dubai, Antwerp, Eindhoven etc, where he helped spread the cause for Blockchain technology and crypto-currency and, consequently, has built a notable network inthe scene.

In 2013, the European Commission appointed him as an expert for overseeing financing for emerging startups as a part of the European Commission’s 90 billion euro Horizon 2020 project, created in Brussels to promote innovation as a driving force of job creation and business ventures across Europe. He has also worked as an external expert for Innovate UK since 2012, judging startups for the UK government.

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