The two companies will co-develop an integration of the CoreChain payments network with Scanco’s software products. The co-developed solutions, including an enhanced version of Scanco Purchase Agent, will enable Scanco customers to streamline their B2B payments process and unlock new supply chain financing opportunities. Leveraging enterprise blockchain technology to power digital B2B payments, users can streamline the manual processes and painful reconciliation that can slow warehouse and manufacturing business, while also mitigating fraud.
Additionally, Scanco customers can use the integrated technology to finance the working capital being held in unpaid invoices that age towards settlement due dates, frequently 30 to 120 days in arrears.
Since its launch in September 2020, CoreChain has processed over USD 500 million in B2B payments for enterprise buyers, including channel customer transactions. Available as a white label platform, CoreChain allows any ERP or Business Process Automation software company, or even banks and other payment networks, to offer a digital B2B payments solution to its enterprise clients.
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