Blockchain-based digital B2B payments network CoreChain Technologies and bill payment platform BillGO have partnered to enhance the delivery of payments and the management of supplier onboarding.
BillGO will integrate CoreChain’s virtual card payments program, thereby allowing any company to offer an encrypted, secure payments solution to enterprise clients, the companies said Monday (Oct. 24) in a press release.
“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 Technologies Co-founder and CEO Chris Aguas said in the release. “CoreChain is the value-add that the virtual card market is demanding most.”
CoreChain allows any enterprise resource planning (ERP) or business process automation software company, bank or other payment network to offer their enterprise clients an embedded B2B payments solution, according to the press release.
Its distributed ledger technology also provides a record of buyer-supplier transactions that is tamper-proof and visible to both parties and provides opportunities to finance accounts receivable (AR) held in unpaid invoices, the release stated.
“Together with CoreChain we can better support and enable suppliers to automate their manual payment processes, unlock valuable time, working capital and choice,” Cindy O’Neill, president and general manager of BillGO’s Biller Solutions, said in the release. “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.”
Firms are embracing blockchain in order to do things in a new and different way than using traditional technologies and paper-based processes, Aguas told PYMNTS in an October 2021 interview.
Read more: Blockchain, Stablecoins Set to Deliver ‘Tangible’ Value to B2B Payments, Financial Services
“Helping the broader industry understand what dimensions of crypto are relevant for them and how they can play are keys to driving wider adoption over time,” Aguas said.
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