Paystand Named Winner of Fintech Breakthrough Award for DeFi Innovation
SCOTTS VALLEY, Calif.--(BUSINESS WIRE)--Paystand, the global leader in blockchain-enabled B2B payments, today announced it has won the DeFi Innovation category in the 2024 Fintech Breakthrough Awards. More than 4000 fintech nominations were submitted for this competition.
The 8th Annual Fintech Breakthrough Awards program recognizes the most outstanding technology and companies propelling the speed of use of digital payment models and online product and service channels, shifting how companies operate. Paystand has been honored as one of the ‘breakthrough’ innovators in the fintech market today. Notable companies also named as fintech winners include Coinbase, J.P. Morgan Chase, Mastercard, Citi, Experian, and more.
The award recognizes Paystand for its decentralized finance technology, including:
The Paystand Network, which allows every Paystand customer as well as their payers (more than 800,000), to leverage the blockchain-enabled network for fast, secure and zero-transaction fees money movement. More than $8 billion has been transacted with the help of decentralized finance on Paystand.
Paystand Spend, a toolkit which allows businesses to also spend the money they get within the Paystand Network without having to execute any additional transactions. Money appears in only one business day in their Paystand account when engaging with other Paystand Network subscribers and are eligible for the industry's first reward program for Bitcoin.
The world's first Ethereum-based dynamic discounting application. In a world where cash is the lifeblood of businesses and can spell the life or death of a company, sellers can incentivize their buyers to pay early by offering customizable discounts to reduce DSO (days sales outstanding).
“We are incredibly proud to be recognized as the leader in DeFi innovation. With the power of the blockchain, Paystand is empowering businesses to escape financial gravity, thrive without unnecessary fees, and emerge as pioneers in a digitally-transformed financial era,” said Jeremy Almond, CEO, Paystand. “Our journey is intertwined with businesses embracing technology, as we steer them toward efficient financial operations, creating a new norm in the industry.”
The Paystand Network has been especially important during periods of banking uncertainty (the failure of Silicon Valley Bank in 2023 is one example). During that crisis, Paystand clients who banked with SVB could hold on to their received payments within the Network until they had a new bank account established to deposit them into. Knowing about the crisis, Paystand also was able to proactively put a stop on funds heading for SVB and let their clients know that their money was safe. In addition, Paystand’s ability to speed up the AR process, so companies could get their money faster, also helped out while bank funds were inaccessible. Paystand estimates that they helped more than 30 clients navigate the crisis during this time.
Paystand customers come from the ‘real economy’ including industries such as manufacturing, logistics, distribution, insurance, renewable energy and more, all continuing to grow. These customers are able to accelerate their time to cash through the blockchain-enabled Paystand Network.
Paystand’s Additional DeFi Initiatives
In February 2024, Paystand announced the launch of Paystand.org, its corporate social responsibility (CSR) arm, which harnesses the power of blockchain and emerging bitcoin circular economies to create financial opportunities within vulnerable and underrepresented communities.
“At Paystand, we believe that the Bitcoin Blockchain has the power to change the world and provide opportunities for economically disadvantaged people,” said Alexandra Navarro, Head of Paystand.org. “Lack of access to banking, burdensome service fees, long payment delays with too many intermediaries, and difficulty obtaining credit and capital are just a few of the challenges that unbanked people face. With the three pillars of financial inclusion, tech adoption, and education for underserved populations, Paystand.org is partnering with organizations who are tackling these problems directly.”
In addition to their work with underserved populations, Paystand’s CEO Jeremy Almond co-hosts The reDeFined Podcast, a show that invites blockchain technology builders, entrepreneurs, and thought leaders from different industries to explain the impact blockchain technology is having behind the scenes.
“What we’re building at Paystand is just a small piece of a wider movement happening globally,” said Almond. “It’s important that we celebrate the quiet work behind the scenes building a decentralized financial system with real economic empowerment. We’re honored to be recognized by the Fintech Breakthrough Awards for Paystand’s tech.”
About Paystand
Paystand is on a mission to create an open commercial finance system, starting with a zero-fee network for B2B payments. Paystand is the largest B2B receivables, payables and payments network running on a commercial blockchain. The company makes it possible to digitize receivables, automate processing, reduce time-to-cash, eliminate transaction fees, and enable new revenue. The AR/AP solutions are designed for both U.S. and LATAM businesses of all sizes. For more information about Paystand, visit us at paystand.com. Follow our blog, and connect with us on Twitter and LinkedIn.