Following this announcement, the transaction is expected to develop a business-to-business (B2B) payment solution, aiming to accelerate the strategy of optimising the payment experience of customers. This process will take place by expanding a larger, faster, and cost-efficient B2B payments network.
In addition, the companies will focus on meeting the needs, preferences, and demands of clients in an ever-evolving market, while also prioritising the process of remaining compliant with the regulatory requirements and laws of the industry.
Paystand represents a B2B payments provider, aiming to offer businesses and partners a comprehensive and secure suite of solutions. The company also delivers an efficient approach that is expected to streamline financial operations, optimise cash flows, as well as provide valuable insights in order to drive business development to bottom-line profitability. This will include digital payments, AP management, A/R automation, expense management, cash management, direct deposit management, and smart lockbox solutions.
The acquisition of Teampay is set to mark an important step in Paystand’s overall strategy of designing an industry-wide decentralised finance (DeFi) network, capable of connecting buyers and suppliers at scale securely and efficiently. Its combined platform was developed to offer CFOs the possibility to drive profitable behaviors among employees, vendors, and customers.
Paystand will continue to deliver its blockchain-based smart payments platform in order to optimise the way finance departments speed up time-to-cash, automate AR, reduce DSO, and eliminate transaction fees. At the same time, Teampay will provide the ability to automate AP and corporate expense controls, which is expected to eliminate inefficiencies. CFOs will also have the capability to see direct contributions to profitability with the use of quicker revenue and improved payment savings services.
Throughout this acquisition, the Paystand network will be expanded by Teampay’s network, which is expected to broaden a large and secure B2B payment network running on a commercial blockchain to multiple business participants and partners. The terms and conditions of the acquisition were not disclosed by any of the companies.
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