The product was designed to enable business and company owners to boost their profits through payment automation, improved customer engagement, as well as enhanced security systems.
This will allow users to eliminate paper checks, simplify vendor payments and transactions, increase profits, and reduce fraud or online threads risks while focusing on gaining access to working capital solutions for firms and their suppliers.
CoreChain Pay offers clients the possibility to manage vendor payment processing more easily, while using virtual payment cards, enhanced ACH as well as other digital methods. The process simplifies business procedures, enhancing the security and privacy of users, and eliminating the expenses that might occur.
The platform was created to mitigate the risk of payment fraud as well, providing a tamper-proof record for all buyer-supplier types of transaction, and an immutable resource of truth for payments with visibility on both parties.
Furthermore, CoreChain Pay offers owners the capability to have more control over their cash, as well as executives and finance managers. It reduces the expenses of payments through an incentive program, which was made to allow users to share in the revenue generated from the payments. In addition, each supplier is allowed to accelerate invoices, up to 120 days, in order to receive payments before they are due, together with the ability to enable their businesses for cash flow improvement.
Digital B2B payments network based in the US, CoreChain was designed with enterprise blockchain, and it focuses on building a `network of networks`, which will enable businesses to pay other companies in a more effective and secure way. It will also unlock lending opportunities for suppliers in order to allow them to finance working capital tied up in approved, but unpaid invoices.
Its distributed ledger technology (DLT) automates the exchange of transaction information, data, and funds within a safe network environment while focusing on B2B marketplaces, B2B software platforms, and banks, offering payments and financial solutions (such as eChecks, digital assets, bank integration, ACH, ACH Plus, and virtual cards) to their buyers and suppliers via out API-centric platform.
Moreover, CoreChain offers key elements of an integrated payables solution, as well as identity management services, trust authority, fund and value transfers, buyer directory, supplier directory, gateway services, bank integrations, and multiple digital payment types. The products aim to simplify business procedures and boost profits through the automation process.
The company secured its seed financing in 2022, raising USD 4,2 million.
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