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Paystand’s improvements acknowledged from a pool of 4000 international fintech nominations within the 8th annual awards program as firm continues to develop its blockchain-enabled DeFi community
SCOTTS VALLEY, Calif., March 20, 2024–(BUSINESS WIRE)–Paystand, the worldwide chief in blockchain-enabled B2B funds, right now introduced it has received the DeFi Innovation class within the 2024 Fintech Breakthrough Awards. Greater than 4000 fintech nominations have been submitted for this competitors.
The 8th Annual Fintech Breakthrough Awards program acknowledges probably the most excellent expertise and firms propelling the pace of use of digital fee fashions and on-line product and repair channels, shifting how corporations function. Paystand has been honored as one of many ‘breakthrough’ innovators within the fintech market right now. Notable corporations additionally named as fintech winners embody Coinbase, J.P. Morgan Chase, Mastercard, Citi, Experian, and extra.
The award acknowledges Paystand for its decentralized finance expertise, together with:
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The Paystand Network, which permits each Paystand buyer in addition to their payers (greater than 800,000), to leverage the blockchain-enabled community for quick, safe and zero-transaction charges cash motion. Greater than $8 billion has been transacted with the assistance of decentralized finance on Paystand.
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Paystand Spend, a toolkit which permits companies to additionally spend the cash they get inside the Paystand Community with out having to execute any extra transactions. Cash seems in just one enterprise day of their Paystand account when partaking with different Paystand Community subscribers and are eligible for the trade’s first reward program for Bitcoin.
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The world’s first Ethereum-based dynamic discounting software. In a world the place money is the lifeblood of companies and may spell the life or demise of an organization, sellers can incentivize their patrons to pay early by providing customizable reductions to scale back DSO (days gross sales excellent).
“We’re extremely proud to be acknowledged because the chief in DeFi innovation. With the facility of the blockchain, Paystand is empowering companies to flee monetary gravity, thrive with out pointless charges, and emerge as pioneers in a digitally-transformed monetary period,” mentioned Jeremy Almond, CEO, Paystand. “Our journey is intertwined with companies embracing expertise, as we steer them towards environment friendly monetary operations, creating a brand new norm within the trade.”
The Paystand Community has been particularly essential in periods of banking uncertainty (the failure of Silicon Valley Financial institution in 2023 is one instance). Throughout that disaster, Paystand shoppers who banked with SVB may maintain on to their obtained funds inside the Community till that they had a brand new checking account established to deposit them into. Understanding in regards to the disaster, Paystand additionally was in a position to proactively put a cease on funds heading for SVB and let their shoppers know that their cash was secure. As well as, Paystand’s capacity to hurry up the AR course of, so corporations may get their cash sooner, additionally helped out whereas financial institution funds have been inaccessible. Paystand estimates that they helped greater than 30 shoppers navigate the disaster throughout this time.
Paystand prospects come from the ‘actual economic system’ together with industries comparable to manufacturing, logistics, distribution, insurance coverage, renewable vitality and extra, all persevering with to develop. These prospects are in a position to speed up their time to money by means of the blockchain-enabled Paystand Community.
Paystand’s Extra DeFi Initiatives
In February 2024, Paystand introduced the launch of Paystand.org, its company social accountability (CSR) arm, which harnesses the facility of blockchain and rising bitcoin round economies to create monetary alternatives inside weak and underrepresented communities.
“At Paystand, we consider that the Bitcoin Blockchain has the facility to alter the world and supply alternatives for economically deprived individuals,” mentioned Alexandra Navarro, Head of Paystand.org. “Lack of entry to banking, burdensome service charges, lengthy fee delays with too many intermediaries, and issue acquiring credit score and capital are only a few of the challenges that unbanked individuals face. With the three pillars of economic inclusion, tech adoption, and schooling for underserved populations, Paystand.org is partnering with organizations who’re tackling these issues immediately.”
Along with their work with underserved populations, Paystand’s CEO Jeremy Almond co-hosts The reDeFined Podcast, a present that invitations blockchain expertise builders, entrepreneurs, and thought leaders from totally different industries to clarify the affect blockchain expertise is having behind the scenes.
“What we’re constructing at Paystand is only a small piece of a wider motion occurring globally,” mentioned Almond. “It’s essential that we have fun the quiet work behind the scenes constructing a decentralized monetary system with actual financial empowerment. We’re honored to be acknowledged by the Fintech Breakthrough Awards for Paystand’s tech.”
About Paystand
Paystand is on a mission to create an open business finance system, beginning with a zero-fee community for B2B funds. Paystand is the biggest B2B receivables, payables and funds community operating on a business blockchain. The corporate makes it potential to digitize receivables, automate processing, cut back time-to-cash, get rid of transaction charges, and allow new income. The AR/AP options are designed for each U.S. and LATAM companies of all sizes. For extra details about Paystand, go to us at paystand.com. Comply with our blog, and join with us on Twitter and LinkedIn.
View supply model on businesswire.com: https://www.businesswire.com/news/home/20240320151930/en/
Contacts
Erica Zeidenberg
PR for Paystand Inc.
erica@hottomato.net
925-518-8159
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