Business payments platform PayStandshipped its newest product this week, PayStand Automated Receivables. The new tool leverages the blockchain to automate invoice collection.
Jeremy Almond, CEO and co-founder of PayStand said the new solution is “by far the number one thing our customers have asked for over the past 12 months.” He added, “In keeping with our core principle of removing friction from commercial payments, PayStand Automated Receivables creates a seamless, intuitive, automated collections and payment experience for corporate finance and for customers.”
The new tool allows businesses to build digital payments options into their existing customer payments infrastructure. By leveraging AI, machine learning, and predictive analytics, PayStand replaces manual receivables collection processes that require employees to hunt down customer payments via phone or email.
In addition to a smoother payments collection process, PayStand also offers a better user experience. The company referred to the new interface as a “Venmo-like B2B payment and collections process,” highlighting the personalization and efficiency of the new tool.
Founded in 2013, PayStand showcased at our developers conference, FinDEVr Silicon Valley 2014. Last June, the company expanded operations to Canada and, in August, integrated with fellow Finovate alum and cloud accounting firm Xero.
Virtual credit card issuance platform Extend has secured $11 million in Series A funding ahead of the company’s Finovate debut next month in San Francisco. The round, led by Point72 Ventures and FinTech Collective, featured participation from Reciprocal Ventures and strategic partner City National Bank.
The funding takes Extend’s total capital to $14 million. The company said in a statement that the financing will enable it to launch new features for both its app and API, pursue partnerships, and add talent to its engineering, marketing, and operations teams.
“Extend allows banks to keep up with the fast pace of the evolving payment landscape,” company CEO Andrew Jamison said. “Our cutting-edge capabilities sit seamlessly on top of existing bank card platforms, eliminating traditional technical hurdles to deployment.”
Extend offers two primary solutions: an app for businesses that enable them to provide their workers with a secure payment option in the form of a virtual card, and a set of APIs that incumbents and startups can use to better leverage virtual credit cards. The company’s virtual card payment option is a boon for businesses engaged in microservices or the gig economy. And Extend’s partnerships with card issuers – the company has integrated with both Mastercard and Visa – empowers those firms to provide a variety of advanced virtual card capabilities to their customers.
“We lead the way for future financial innovation by serving as the layer between fintech startups and financial institutions,” Jamison said. “(This enables) them to better integrate their services for the mutual benefit of their customers.
Founded in 2017 and headquartered in New York City, Extend will demonstrate its platform next month in San Francisco at FinovateSpring. To see the company demo its technology live, visit our FinovateSpring registration page and pick up your ticket today.
PayTech Awards, brought to you by FinTech Futures, are exciting awards in their second year that recognize excellence and innovation in the use of IT in the finance and payment industry worldwide, and the people who make it happen.
The 2019 Awards are now open for entries in the following categories:
Best Consumer Payments Initiative
Best Corporate Payments Initiative
Best Mobile Payments Initiative
Best Use of Biometrics in Payments
Best Prepaid Initiative
Best Cards Initiative
Top Paytech Innovation
Best E-commerce Initiative
Best Paytech Partnership
Paytech for Good
Rising Paytech Star Award – free to enter
Woman in Paytech Award – free to enter
Paytech Leadership Award – free to enter
Paytech Team of the Year
OVUM Payments Innovation awards
Best Real-Time Payments Solution Provider
Best Open Banking Solution Provider
Best Solution Provider for Payment Systems in the Cloud
Last year attendees of the PayTech Awards enjoyed the hospitality of a luxurious Silver Sturgeon yacht as it cruised along the river Thames. This year the awards will be announced on 5 July, and will be hosted at the HAC (Honourable Artillery Company), a historic 18th Century mansion accompanied by a six acre garden in London’s Moorgate. Check out last year’s highlights and see what’s in-store:
During FinovateEurope 2019, Giulio Montemagno – Head of Europe, Amazon Pay took to the stage to discuss the ripples of change we’re seeing in payments and e-commerce, and how voice commerce will redefine the ideal customer experience. In the third era of commerce, only early adopters win.
“Since the emergence of digital, commerce has been in a state of transformation, first with e-commerce and then with the rise of mobile came m-commerce. Today, we are in the very early stages of the third era – voice commerce – a powerful medium that will transform our day-to-day lives and how we purchase.”
A look at the companies demoing live at FinovateSpring on May 8 through 10, 2019 in San Francisco, California. Register today and save your spot.
Illuma Access from Illuma Labs enables real-time voice authentication to secure inbound phone calls for call centers. It reduces call duration, improves security, and eliminates friction from customer interactions.
Reduce average handle time and operating costs
Enhance security against fraudsters and social engineers
Elevate user experience with a passive and non-intrusive authentication process
Why it’s great Illuma Access offers passive voice authentication for call centers. This reduces operating costs, enhances security against fraudsters, and elevates the user experience.
Milind Borkar, Founder and CEO
Borkar has 10+ years of experience in R&D in digital signal processing and machine learning, 5+ years in marketing and business development, 50+ product launches, 18 patents, and 14 technical publications. LinkedIn
Jeremy Whittington, Co-founder and CTO
Whittington has 20+ years of experience in architecting SaaS applications for Fortune 100 companies. He designed and deployed multiple enterprise systems used worldwide and founded two technology startup ventures. LinkedIn