Forbes Finance Council member company PayStand recently introduced a completely new B2B use of blockchain technology called payment certification. The blockchain is often cited as one of the most promising technologies to fundamentally alter financial services.
PayStand, led by CEO Jeremy Almond, is the next generation B2B payment engine and billing company. Its gateway routes between different payment methods, including eCheck, eCash and credit and debit cards, which gives customers more choices, faster tracking and dramatically lower transaction costs. PayStand’s mission is to transform B2B payments through modern Internet, Blockchain and SaaS technologies.
With this new technology, enterprises can now leverage payment certification to verify that a payment has occurred and that the information connected to the transaction has not been altered. When a PayStand customer chooses to enable certification for a payment, every payment request and receipt, and its corresponding data, is given a cryptographic hash that is stored on the blockchain. This unique digital alternative to notaries and manual audit trails can help ensure that the history of critical payments is secure, electronically auditable, independently verifiable and free of tampering. This is critical for enterprise level payments where security is paramount, such as title, insurance, supply chain, healthcare, stock transfers, billings and other payments.
“Since the founding of the company, PayStand has been a huge believer that blockchain has the ability to radically transform financial services,” says Almond in the company blog. “Our newest blockchain certification product demonstrates our continued commitment to help enterprises leverage cutting-edge and digital native technology to improve their payment, invoice, and billing process.”