On Friday (July 21), blockchain B2B payments company PayStand announced that it is participating in the Commerce.Innovated accelerator program by Silicon Valley Bank and First Data. Through the operational mentorship of these two companies, PayStand aims to develop a blockchain-powered B2B payments network.
In a press release, Commerce.Innovated noted that other participants in the class are exploring topics as various as wealth management, B2B and B2C payments and software-buying decisions.
"We are one step closer to realizing our vision for a more seamless, open commercial banking system," said PayStand CEO and Founder Jeremy Almond in a statement. "As an innovator and disruptor in the commercial payments space, teaming up with Silicon Valley Bank and First Data empowers us with access to their respective networks so we can explore additional growth opportunities. The ability to strategize and collaborate with these industry visionaries takes our platform to another level of credibility and visibility."
PayStand noted that the network will focus on improving the payments lifecycle, from accounts receivable to invoice reconciliation. In the program, the company said it will look at how to leverage program mentors to support the development of the network.
In 2016, the company lent its support for the application of blockchain in payment verification and security. That year, in an interview with PYMNTS, Almond emphasized the "laborious process" of managing payment history and record-keeping. The company estimated that the trade finance industry is hit by $4 trillion in fraud every year, and believes blockchain can verify and safeguard B2B transactions to combat the issue.
Last year, PayStand secured funding from LEAP Global Partners' early stage fund, LEAP Partner I, though it did not reveal how much was raised.