Paystand, which works in blockchain-enabled B2B payments, is putting out a digital lockbox to help bring on a paperless way to handle finances, a press release emailed to PYMNTS said.
The solution is called Smart Lockbox. It was created as a response to the COVID-19 pandemic’s way of shifting everyone to remote work, which caused ripple effects of trouble for finance departments. The shift made it clear to many companies that the security concerns and manual processes would have to necessitate more digital ways of doing things.
Smart Lockbox offers a “fully digital” accounts receivable experience that can cut down overhead.
The company says there are several features that come with the new solution, including more visibility info cash flow, a remote remittance process, a simple migration experience that’s reduced to one click, a centralized collections process and information available in ERP systems including check information, reconciliation status and transaction details.
“In a post-pandemic world, everything looks very different,” said Jeremy Almond, CEO of Paystand. “Covid supercharged the push for digital transformation across the board for businesses, and there’s no question that this shift is here to stay. Smart Lockbox is the key tool that helps companies seamlessly bring their mission-critical revenue into the digital age. It’s designed to enable finance teams to turn their biggest headaches into a newfound source of power.”
The release noted the difficulty of using paper checks, which can lead to delays and errors, leading to the bottom line taking a hit. The release also stated the cost of processing even just one paper check can be around $4 to $20, which can add up over a year.
But even so, the corporate world has been sluggish on its adoption of blockchain. RowanPay recently announced that it would be launching a blockchain-powered network, intended to work with B2B and cross-border transactions. CEO Carrie Sattler told PYMNTS that this service wasn’t meant to do away with older finance means but instead to add onto increasingly complicated payment rails.