B2B network uses enterprise blockchain technology to streamline the exchange of transaction data and funds
CoreChain Technologies, the digital B2B payments network built on blockchain, today announced it has raised $1.25 million in pre-seed funding from investors that include Ulu Ventures, Connecticut Innovations, Bloccelerate VC and New Form Capital. The funding will be used to accelerate enterprise customer adoption and aggressively expand its payments and financing network.
Using enterprise blockchain technology to power B2B payments and financing, CoreChain is streamlining the manual processes and painful reconciliation that has remained static for decades, while mitigating fraud. CoreChain also unlocks lending opportunities to finance the working capital being held in unpaid invoices that age towards settlement due dates, frequently 30 to 120 days in arrears.
Since its launch in September 2020, CoreChain has processed over $300 million in B2B payments for enterprise buyers, including transactions for channel customers, such as PaymentWorks. Available as a white label platform, CoreChain allows any ERP or Business Process Automation software company or even banks and other payment networks to offer a blockchain-based B2B payments solution to its enterprise clients.
“B2B payments in North America are notoriously difficult, inefficient and prone to fraud risk, with the majority of all payments still settled via paper check,” said Chris Aguas, Founder and CEO of CoreChain. “Our blockchain technology allows companies to establish an automated payment process that’s faster and more secure than what is used in today’s linear environments.”
CoreChain also natively supports settling funds via digital assets and digital currencies, as well as exchanges with other cryptographic currency networks such as Ethereum, creating alternatives to existing rails for direct lending and settlement as these methods build adoption in the B2B space.
“The Enterprise needs to be ready for the future of finance,” Aguas said. “Utilizing our blockchain technology, companies are immediately adapted for the payments revolution, and can skate to the puck wherever the game may move.”
Additionally, CoreChain is integrating a trade finance “instant pay” solution within the payments platform, allowing for suppliers to accelerate payments of their invoices.
“CoreChain is the future of enterprise payments,” said Thayer Stewart, CEO of PaymentWorks. “CoreChain provides a future-proof platform with immutable transaction data and offers settlement mechanisms that move dramatically faster – and with more conveniences – than legacy systems.”
NEW HAVEN, Conn.–(BUSINESS WIRE)