PayStand, the blockchain-based, B2B payments company reinventing commercial finance, announced that it is partnering with Silicon Valley Bank and First Data in Class 8 of Commerce.Innovated., an accelerator program focused on growth and innovation in finance.
“We are one step closer to realizing our vision for a more seamless, open commercial banking system,” said Jeremy Almond, CEO and Founder, PayStand. “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’s partnership in Commerce.Innovated. with Silicon Valley Bank and First Data further underscores the practical applications of blockchain technology and its potential to transform commercial banking. The commercial banking system has been tied to legacy platforms and processes for decades. Only recently have financial institutions begun to adopt modern infrastructure that enable customers and partners to realize the benefits of technologies like blockchain that are redefining the banking ecosystem.
The core principles of blockchain and Software-as-a-Service (SaaS) that underpin PayStand’s digital payment network allow it to dramatically improve every aspect of the commercial payments lifecycle, from accounts receivable to invoice reconciliation. During the program, PayStand will explore new product and business opportunities by leveraging the operational expertise and networks of program mentors, while building out its industry-leading billing and payments network.