Ethereum Blockchain-based business accounting platform, PayPie, is enabling trust and transparency with a unique “Credit Risk Assessment Score” for millions of businesses worldwide. This means that Paypie offers a faster, safer, and cheaper lending alternative to the current legacy systems employed by most of the banks, lenders and invoice factoring companies.
PayPie is early to develop a credit risk profile of a business that is constantly adjusted in real-time from live financial data that includes more than 150 data points. It does so with an inbuilt algorithm on the Ethereum Blockchain. The platform was built to make the financial information on small-medium businesses more accurate and transparent, allowing a better picture of a company’s financial health for credit risk assessment.
PayPie aims to change the way accounting is done by small and medium size businesses, as it leverages Blockchain to enable live financial audits, speed up credit approvals, and improve the overall credit scoring process.
With PayPie, companies simply write their transactions directly into a joint register on Blockchain to create interlocking system of accounting records. This data is then fed into PayPie’s algorithm, to obtain an objective score of a business’ credit health. This information can then be used by lenders, auditors, accountants, and insurance companies, etc. – potentially saving the financial players billions on overheads.
“Often a company’s financial situation is inaccurate, due to a lack of information and the fact that this information is usually outdated”, said PayPie CEO, serial entrepreneur, and member of the Forbes Technology Council, Nick Chandi. “But by harnessing technology – Blockchain in particular – we can avoid these issues and make the system fairer both for the businesses themselves, as well as those who wish to access the financial information.”
The improved accuracy of this information not only aids the aforementioned parties (lenders, auditors, accountants, insurance companies, etc.); it also helps small businesses secure funding thanks to a greater level of trust in these businesses. In the 2016 National Small Business Survey business owners revealed that lack of funding or insufficient cash flow was the number one obstacle holding back their growth. A greater level of financial accuracy should increase trust, reduce risk and thus mean more money is invested in businesses.
Currently PayPie is pioneering the field of accounting by offering a credit risk assessment based on the entire accounting history of businesses’ hashed on the Blockchain. Traditional accounting firms use outdated methods of manually trawling through old documents and reports.
“Replacing conventional methods used by accounting firms would not just increase the quality of the end result, it should also make the whole process more efficient from start to finish and save these firms a lot of money,” added Chandi.
PayPie aims to revolutionize the way credit risk assessment and accounting and done by small and medium size businesses. Founded by Nick Chandi, a serial entrepreneur and a member of the Forbes Technology Council, the company wants to bring trust and transparency to the financial markets by introducing the world’s first risk score assessment based on Blockchain accounting. Companies will write their transactions directly into a joint single ledger on Blockchain, thus creating an interlocking system of ensuring all-time historical accounting records. These decentralized records increase transparency and accuracy while saving investors money and helping small businesses secure better funding.
- SportyFi – Decentralized Sports Investment Start-up Endorsed by Soccer Superstar Roberto Carlos - October 16, 2017
- Acronis Joins Runa Capital and Parallels In Accelerating Innovation and Supporting Blockchain Initiatives in Malta - October 16, 2017
- Jaxx Allows First Crowdsale Participation with STORM Token - October 16, 2017
- Hyperledger Knits New Project – Hyperledger Quilt - October 16, 2017
- Legolas Exchange Partners With BanQix to Protect Institutional Investors - October 16, 2017
- MARK.SPACE Announces Launch Of Blockchain-powered VR-platform With Upcoming Token Crowdsale - October 16, 2017
- IRTI Partners With Ateon And Settlemint To Develop Blockchain-based Products For Financial Inclusion - October 16, 2017
- Golden Alliance Coin Announces ICO – For Mining Gold - October 16, 2017
- Media Aggregator Esports Gold Announces $5 Million Ethereum Token Sale - October 16, 2017
- MinexCoin: Park the Volatility! - October 16, 2017
- Ambrosus Token Generation Event (TGE) Officially Cracks the Largest Blockchain Crowdfunded Projects in History - October 15, 2017
- Freedom Streaming Announces An ICO For The First Uncensored And Anonymous Live Streaming Platform - October 14, 2017
- MicroMoney starts a $30,000,000 token distribution campaign - October 14, 2017
- Announcing the First Members of the DataBrokerDAO Alliance - October 14, 2017
- STK Global Payments Announce Global Advisory Board – Token Sale - October 14, 2017
- Zilliqa Breaks 2,400 Transactions per Second with their ‘Sharding’ Blockchain - October 13, 2017
- Dappbase Launches High-Performance Infrastructure for Decentralized App Developers - October 13, 2017
- bitJob Raises $2 Million to Launch Decentralized Platform for Student Employment - October 13, 2017
- Particl Unveils Its Confidential Cryptocurrency Transactions - October 13, 2017
- Waves To Develop “liquid Democracy” Applications - October 13, 2017
- DECENT Updates Core – New User Issued Assets and More - October 13, 2017
- Dash for Dope – Digital Payments Platform Alt Thirty Six Selects Dash As Payment Method of Choice for New Retail Sectors - October 13, 2017
- Garvan Institute And E-nome Enter Strategic Alliance To Enhance Medical Research Data Management Through Blockchain Tech - October 13, 2017
- Moody’s: New Payment Technologies Pose Threat, But Incumbents Unlikely To Be Displaced - October 13, 2017
- ZAP Token Distribution Event to Begin October 21, 2017 - October 12, 2017
- AirFox Raises $15 Million in Successful ICO, Brings New Mobile Banking Solutions to Emerging Markets - October 12, 2017
- HydroMiner Token Sale Starts October 18th – Austrian Regulators Approve - October 12, 2017
- The SBM Group and SALT Technology Enter Exploratory Partnership to Collateralize Blockchain Assets - October 12, 2017
- ExHasta: Integrating and Empowering Innovators – Announces Token Sale - October 12, 2017
- Tech Veterans Set Up Global Public Offering Fund To Turn Top U.S. Startups Into Asia-Pacific Listed Unicorns - October 11, 2017
- ZenCash Partners With Welto to Allow Bill Payment in Cryptocurrency - October 11, 2017
- Cryptopay Plans to Tie Investments to Service Performance Metrics - October 11, 2017
- Boosteroid Wants to Squeeze Google and Amazon on the Cloud Computing Market - October 11, 2017
- Fiinu Launches Pre-sale Ahead Of ICO - October 11, 2017
- Famous Russia-based startup BioCoin closes first round of presale with $2.5 mln raised - October 11, 2017
- eSports Platform EloPlay to Hold a Token Sale - October 11, 2017
- CapLinked Partners With Storj Labs, Moves Enterprise Document Management to Blockchain Technology - October 11, 2017
- Ethfinex and Cofound.it Collaborate to Bring Trust to Blockchain Economy - October 11, 2017
- Exscudo launches Bug Bounty campaign - October 11, 2017
- Blockchain Capital and TaaS Join BLOCKv, a User Interface for Blockchain Tokens - October 11, 2017
- Lufthansa Group Partners Up With Winding Tree To Bring Blockchain Technology To The Travel Industry - October 10, 2017
- Peer Mountain Launches Distributed System of Trust to Give Data Control Back to Consumers - October 10, 2017
- Revolutionary Ico Aimed At Tackling Waste Surplus And Energy Shortfall Announced - October 10, 2017
- Streamr, the Decentralized Real-Time Data Economy, Joins the Trusted IoT Alliance - October 10, 2017
- Exscudo and Crypto.Tickets exclusive partnership opens a new market for cryptocurrency - October 10, 2017
- Guardian Circle Turns to Blockchain for Global Decentralized 9-1-1 Emergency Response - October 10, 2017
- NEM Foundation Partners with Metaps Plus, Expanding Korean Presence - October 10, 2017
- StormX Lowers Community Appreciation Sale Cap Due to Overwhelming Demand - October 10, 2017
- Token Report to Provide Membership Access to World’s Largest Database on ICOs - October 10, 2017
- BLOCKv Adds Visionary Futurist Peter Diamandis and Serial Entrepreneur and Investor Gil Penchina to its Advisory Board - October 10, 2017