In a world in flux, B2B payments remain a cornerstone of global commerce. However, traditional B2B payments often face pressing problems, including limited transparency, high transaction costs, the risk of fraud, and lengthy settlement times. To address these issues, blockchain technology is emerging as a powerful and transformative solution that provides a transparent, secure, and decentralized method for businesses to process payments. A B2B payments platform powered by blockchain utilizes distributed ledger technology (DLT) to facilitate direct transactions between companies, eliminating the need for intermediaries such as banks or clearinghouses. This reduces processing time and costs. It also improves traceability, data integrity, and real-time reconciliation. Smart contracts, which are agreements coded on the blockchain, further automate invoicing, compliance checks, and payment releases. This streamlines the entire payment process. As industries embrace digitization and globalization, blockchain-based B2B payments platforms are poised to redefine how businesses transact, offering enhanced security, trust, and efficiency in an increasingly interconnected economy. Amongst the few mind-boggling numbers, Corechain Technologies—a smarter B2B payments platform, built on blockchain—is a name worth mentioning.
Corechain Technologies was established in 2019 with a mission to make paperless payments effortless and help its partners reach their potential. With over $1 billion in B2B payments processed to date, the Connecticut-based company harnesses the future of efficient paperless payments, built for scale and security, on enterprise distributed ledger technology. Its trust network streamlines B2B payments and unlocks working capital through supply chain financing. Using enterprise blockchain technology, Corechain Technologies helps suppliers unlock working capital tied up in approved but unpaid invoices.
CoreChain Pay – A User-friendly Digital Payment Platform
CoreChain Pay offers a user-friendly digital payment platform for businesses seeking to minimize fraud, reduce operational costs, streamline vendor payments, and eliminate the inconvenience of paper checks, while providing support when needed. By automating vendor payments, the platform enables finance teams to work more efficiently and discover new revenue opportunities through a valuable digital payments rebate program. CoreChain Pay provides finance managers, business owners, and CEOs with greater control over their cash flow. This leads to happier suppliers and smoother accounts payable processes.
The platform also provides strong working capital solutions. Customers can access lines of credit of up to $1 million based on payment volume and purchase order activity, while suppliers can expedite invoice payments by up to 120 days. Built on the strong CoreChain Network, which includes over 240,000 suppliers and several financial institutions, CoreChain Pay works well with your chosen ERP.
Powering the Future of Embedded Finance
CoreChain is changing the $40 trillion B2B payments market in North America, where 65 percent of transactions still depend on paper checks. By providing a paperless, secure, and efficient payments system built on an enterprise blockchain, CoreChain offers partners a fully integrated solution that transforms how businesses pay and get paid. Its embedded fintech model offers ‘payments and supply chain finance in a box,’ allowing easy integration with ERPs, marketplaces, software platforms, banks, neobanks, and financial institutions. With more than $1 billion in payments processed through its partner network, CoreChain not only provides simplicity and security but also creates new revenue opportunities for its partners. Designed for easy use and strong network setup, CoreChain makes B2B payments as simple as pressing an ‘easy button.’
