PayStand

PayStand leverages a core feature of the blockchain called immutability. When an electronic record is written on the blockchain, it can never be changed. Traditional record systems are set up to to govern how a record is altered, but that practice is only as good as the human controls that enforce it. Because the blockchain is designed to only add new records, our certified payment requests and receipts result in a electronically notarized record trail that is secure, certified, and fully audit-able.

Creates greater trust for all parties
Enables added compliance and transparency in the system
Makes for better digital tracking
Reduces errors
Identifies fraud more easily

When certified payments are enabled, the admin dashboard shows a verified certificate for each transaction to confirm the payment occurred and has had a cryptographic hash automatically stored on the blockchain. At any time you can verify the information hasn’t changed since its inception by clicking on the certificate to see that the records sent to both parties match with the permanent & immutable hash stored on the blockchain. To maintain privacy, no information is directly stored on the blockchain, only the auditable proof. This blockchain verified proof ensures the history, amount, and additional payment information has not been tampered with.

Paystand is on a mission to create a more open financial system, starting with B2B payments. Using blockchain and cloud technology, we pioneered Payments-as-a-Service to digitize and automate your entire cash lifecycle. Our software makes it possible to digitize receivables, automate processing, reduce time-to-cash, eliminate transaction fees, and enable new revenue.