B2B payments network CoreChain Technologies has partnered with open source software firm Odoo.
With this collaboration, CoreChain Technologies’ embedded B2B payments and financing will be added to Odoo’s open source all-in-one business software and its ecosystem of 8 million users, the companies said in a Thursday (Dec. 15) press release.
“As one of the most popular business management software solutions in the world, Odoo sits at the nexus of millions of B2B transactions — including both payments and lending — and now in partnership with CoreChain, can offer a new source of value and revenue across its ecosystem,” CoreChain Co-founder and CEO Chris Aguas said in the release. “It’s always exciting to see the democratization of B2B financial transactions in action.”
Odoo provides its software to small and medium-sized businesses (SMBs) worldwide. It also has an ecosystem of 3,850 partners and 90,000 community members working with its software and delivering a full range of integrated and scalable business applications, according to the press release.
The latest addition — CoreChain’s white label solution — allows any company, enterprise resource planning (ERP) system, bank or payment network to add embedded B2B payments. With CoreChain’s distributed ledger technology, it provides a record for every transaction and visibility to both the buyer and the supplier, the release said.
CoreChain’s payments solution also helps SMBs improve their cash flow by unlocking opportunities to finance accounts receivable (AR) held in unpaid invoices, per the release.
Odoo Partner Advisor Briand Kitchens said in the release that while there is a growing buzz around embedded payments and many B2C businesses have successfully added them to their online and mobile offerings, there’s been a void when it comes to B2B solutions.
“CoreChain is that solution, offered as a white label service and built using blockchain to facilitate secure and efficient B2B payments,” Kitchens said in the release. “CoreChain’s embedded payments technology will bring tremendous value to the Odoo community.”
PYMNTS research has found that as businesses race to provide fully digital payment experiences in the B2B space and their banks work to support such solutions, many are adopting a white-label model.
In this model, a digital platform uses application programming interfaces (APIs) to seamlessly weave bank-provided financial services into eCommerce providers’ customer experience, as reported in the “Embedded Finance Tracker,” a PYMNTS and Galileo Financial Technologies collaboration.
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