HashCash Consultants, which works in blockchain, is working with an unnamed U.S.-based bank to help them finance their corporate trade owing to a sophisticated blockchain platform for B2B payments, a press release says.
The platform in question, according to the release, will also help with things like simplifying IT infrastructure and lowering operating costs.
HashCash’s HC Corporate Payment will come with immediate reconciliation, real-time document sharing and automation via smart contacts, in order to enable quicker, more effective B2B payments. The solution also purports to help unite involved parties and digitize the end-to-end trade process on a single network, which will help cut down processing time.
Raj Chowdhury, CEO of HashCash Consultants, said the platform was intended to “help reduce processing time through instant settlements and safe, online exchange of documents.”
“With HashCash’s solutions, the USA-based bank can protect their data through encryption and blockchain immutability,” he said, according to the release. “With this partnership, we are looking forward to helping them manage their working capital efficiently through live tracking of the account balance.”
The release notes that HC Corporate Payment is not just used for banks, but also for corporate vendor payments, clearinghouses looking to replace or build new clearing systems, central banks for wage disbursement and more.
PYMNTS reported on a conversation with Ternio’s Co-Founder and COO Ian Kane and Daniel Gouldman, co-founder and CEO, in which they said blockchain would continue to become more important in payments. They stated that the task of bridging blockchain use with legacy financial providers would help enable the use of cryptocurrencies more fully, alongside the digital fiat currencies that could be issued by central banks. They also noted that there is work to be done on educating the public about blockchain and how far the world has come in terms of digital payment methods.