Paystand’s New Service Lets Businesses Deploy Blockchain Networks

Businesses can now deploy scalable blockchain networks and applications with Paystand’s new Assurety-as-a-Service solution. 

Using the Assurety API, Paystand’s customers can create a secure, certified, digitally notarized record trail, Paystand said in a press release on Thursday (Aug. 1). In addition, developers can use Paystand’s hybrid blockchain platform for real-time applications that can verify any event, action or identity.

Paystand said its new hybrid blockchain service is the first application-ready API that allows businesses to easily launch and deploy scalable blockchain networks. 

“Assurety-as-a-Service lets businesses skip the steep learning curve and start using blockchain right now,” said Jeremy Almond, Paystand CEO. “Unlike other blockchain companies, we’ve actually been testing the use of an enterprise blockchain at scale for over four years with real customers. This is an important step in adding greater transparency to the financial system and the world at large. Ten years from now, I can’t imagine a single business that won’t be using blockchain technology.”

The Assurety platform is a hybrid blockchain that has the benefits of both public and private blockchains. Data privacy is maintained while also having the accountability of the public model, the release said.  

“Assurety’s hybrid blockchain bridges the gap between public and private, combining the advantages of a trustless, decentralized, immutable public chain with the privacy and security expected of enterprise-level solutions,” said Omar Baqueiro, director of product and engineering. 

Paystand says it is the only digital B2B payment network that helps companies digitize the entire cash cycle. The company rolled out an automated accounts receivables tool in April designed to automate key processes for AR departments, including invoice collections and customizable workflows. The company likened its collection offering to a “Venmo-like B2B payment and collections process” for corporates and their financial professionals, to support healthier cash flow and improve the customer experience.

The company expanded into Canada in 2018 as part of its geographic expansion and launched an entirely new infrastructure for domestic corporate payments in the country. The launch in Canada is part of Paystand’s global push to digitize B2B payments.