CoreChain Technologies, the first digital B2B payments network built on blockchain, and BillGO, one of the industry’s largest bill payment platforms and fintech trailblazer, today announced they have partnered to enhance the delivery of payments through CoreChain’s virtual card payments program and the management of supplier onboarding.
CoreChain’s virtual card payments program, integrated by BillGO, will allow any company to offer an encrypted, secure payments solution to enterprise clients. With no paper processing, a reduction in fraud risk and internal operational costs, and instant reconciliation of payments, CoreChain’s virtual card option, built on enterprise blockchain, creates new payment efficiencies for suppliers, while delivering a better customer experience. By transitioning companies away from inefficient legacy “paper check” based solutions to a modern digital payments tech stack, CoreChain is simplifying business procedures and helping companies boost profits through automation and blockchain-based security.
“The COVID-19 pandemic has awakened many industries to the efficiency and convenience of a virtual card program and ushered in greater demand for heightened security,” said Chris Aguas, Co-Founder and CEO of CoreChain Technologies. “BillGO operates at the forefront of virtual card adoption, delivering value-added services that make virtual cards a touchless, easier option for suppliers. A virtual card solution built on distributed ledger technology and the security of blockchain, like CoreChain, also brings next-generation transparency and fraud protection to the virtual card programs being integrated by BillGO. CoreChain is the value-add that the virtual card market is demanding most.”
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 an embedded B2B payments solution to its enterprise clients. CoreChain’s distributed ledger technology provides a tamper-proof record for every buyer-supplier transaction, and an immutable source of truth for transactions with perfect visibility to both parties.
CoreChain’s payments solution also unlocks opportunities to finance accounts receivable held in unpaid invoices that age toward settlement due dates, frequently 30 to 120 days in arrears. This enables small businesses to gain access to the cash they need without relying on a traditional bank loan, but by aligning with their customers.
“CoreChain is on the cutting edge of B2B payments technology, checking all of the boxes that suppliers want in a modern virtual card program – and then some,” said Cindy O’Neill, President, and General Manager of BillGO’s Biller Solutions. “Together with CoreChain we can better support and enable suppliers to automate their manual payment processes, unlock valuable time, working capital and choice. It’s a technology that will certainly help drive the adoption of virtual card payments in industries that may have previously resisted these types of programs.”
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