XinFin Connects Blockchain Factoring Tool To QuickBooks

XinFin Connects Blockchain Tool To QuickBooks

Blockchain company XinFin is rolling out an integration between its invoice factoring application InFactor and QuickBooks.

Reports in Virtual Strategy Magazine this week said InFactor, developed by the XinFin-powered TradeFinex Dev team, is connecting the factoring tool to QuickBooks so users can automatically obtain financing on their unpaid invoices. The InFactor solution will automatically capture data from QuickBooks and map it into its platform, enabling small businesses to more seamlessly connect with invoice financiers.

Earlier this year, XinFin announced it is joining the R3 Corda marketplace, which will host several XinFin enterprise blockchain apps, including its invoice financing solution. The company will also link corporates to real-time remittance, trade finance, digital asset management and other financial management apps on R3 Corda.

At the time, XinFin also revealed plans to bridge its public blockchain network with Corda‘s private one, enabling developers to wield a hybrid blockchain ecosystem.

In 2017, XinFin revealed an initiative to standardize enterprise blockchains using the XDC01 protocol, enabling companies to “keep their financial transactions private but still verifiable by an immutable record on the public state of blockchain,” XinFin Chief Technology Officer Karan Bharadwaj said at the time.

Factoring and the broader trade finance space are popular use cases for blockchain innovations. Last year, MonetaGo announced India’s first blockchain network designed to mitigate fraud in trade and invoice financing, while in 2017 Populous launched with the goal of using blockchain to facilitate the movement of smart contracts and digital data to streamline invoice financing processes.

In March, Netherlands-based Finturi announced new funding for its technology, which uses blockchain and artificial intelligence to facilitate invoice financing.

“Blockchain applications like smart contracts can help transactions to be completed faster and more efficiently,” said CEO Johannes Brouwer in an interview with PYMNTS. “They also ensure that all contract data is stored on blockchain, thus reducing the risk of fraud.”