Business payments platform PayStand shipped 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.