PYMNTS MonitorEdge May 2024

Paystand Acquires Teampay to Create B2B Financial Platform

Blockchain-enabled B2B payments network Paystand has acquired spend management software provider Teampay to create a unified financial platform that covers both accounts receivable (AR) and accounts payable (AP).

The fusion of the two companies also expands Paystand’s network to include more than 1 million businesses, the company said in a Thursday (April 25) blog post.

“This significant step forward in our mission not only revolutionizes payments and creates a seamless, fee-free B2B network, but also ushers decentralized finance into traditional spaces,” Jeremy Almond, CEO at Paystand, said in the post.

In addition to expanding Paystand’s network, the acquisition also grows the platform’s capabilities, according to the post.

Paystand’s blockchain-based smart payments platform already automates AR, reduces days sales outstanding (DSO) and eliminates transaction fees, the post said.

The addition of Teampay adds spend management solutions that eliminates inefficiencies by automating AP and corporate expense controls, per the post.

“Together, we provide a unified financial platform that not only streamlines financial operations but also enhances cash flow,” Almond said in the post. “It offers enhanced control over both receivables and payables, delivering a direct ROI [return on investment] through greater efficiency and significant payment savings.”

This acquisition comes at a time when persistent inflation and higher interest rates have made working capital both more important and more difficult to come by, according to the post.

As chief financial officers (CFOs) seek more cash, they are adopting technology to achieve greater economies, the post said. In many companies, cost savings has become as important as revenue in driving profitability.

The integration of Teampay into the Paystand platform will help the platform deliver cost savings to clients by eliminating manual and legacy payments, per the post.

“Integrating Teampay’s capabilities with our own is a pivotal step toward our goal to reinvent B2B payments,” Almond said in the post. “And it reaffirms our mission to decentralize the financial system so businesses can operate with greater autonomy, efficiency and profitability.” 

In another recent development, Paystand said April 15 that it brought full payments integration to Microsoft Dynamics 365 Business Central.

With this integration, CFOs using Business Central can leverage Paystand’s fee-free B2B payment platform and tools to fully digitalize their payments flow, increase AR efficiency through automation and incentivize payers to make earlier payments, the company said.

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