How Blockchain is Changing the Banking Industry

TALHA TAMBOLI | June 28, 2021 | 467 views

blockchain in banking

How Blockchain is Changing Banking and Finance Industry

We all have basic knowledge about Cryptocurrency and Blockchain technology, and many peoples understand its complex structures and its valuable benefits for the future. That's why many peoples believed that it's the future of currency exchange. Apart from Cryptocurrencies like Bitcoin, Dogecoin, Etherium, etc., Blockchain has the potential to use the existing technology up to its peak to exchange transaction information and data. With more security and easy to trace back previous transactions benefit, we can say it is the new age of Electronic currency to avoid human errors and frauds.

Blockchain technology in Banking


Around the many conspiracies and fake theories about Blockchain and Cryptocurrency, many organizations and even countries like Australia, China, Japan, and other developed nations embraced this Blockchain in Banking as a future of seamless exchange of transactions.

Apart from that, its decentralized transactions are easy and more secure than we have today. Blockchain could change the current banking technology used by its admins to trace and track the record of every exchange of digital money to lessen the frauds and reduce the time and human efforts.

Prominent players of the Bank and Finance Industry like the Bank Of America, JP Morgan Chase, Citi Bank, and other renowned players of finance sectors using Blockchain in banking to improve funds transfer between banking institutions globally and maintain every record of their history of transactions effectively.

How Blockchain is helpful in Banking


Blockchain technology is a decentralized ledger of transaction which enables the bank to keep track of all the transactions publicly and transparently. It provides a direct connection between the sender and receiver of payments. No intermediary and complete control of the transaction exists in between them. Because of this reason, it provides a way for financial services to work more specifically and without errors to make payments securitization more precisely. This makes Bitcoins that uses Blockchain technology a better option of investment.

Benefits of Blockchain in Banking


As you continue to read this article, you might have an idea about this new age technology's immense benefits in the finance sector. Let's take a look at how it can be more helpful in the upcoming future.


Security:


The primary concern of 21st century’s banks is their security. No one knows who will hack their systems and scatter with the money of people who trust the financial system. With Blockchain technology, security issues such as suspicious activities are easily tracked. It is hard to decode the encryption of the Blockchain and takes too much time because the data is not stored on one server but across a huge network of computers. These computers constantly check and verify the records and data. This feature allows a noteworthy use for Blockchain in banking. For a hacker, it is hard to breach many servers.

Every transaction that gets recorded in a Blockchain ledger undergoes complicated sets of encryption interconnected with the next block, which results in an unaltered series of coded data "blocks," each dependent on a ledger series. That's why it is one of the best cyber-protection against hacks in this internet world.

Fast transaction:


If you want to transfer money to someone living in another country, you go to the bank and might have to stand in the long queue for your turn. Once you forward your request, it takes 5 to 10 days to credit the amount in the bank of the recipient. Blockchain can easily reduce such a long time-consuming process. It has the potential to complete the transaction within minutes, not in a day. It saves your valuable time, though.


Easy to track and transparency:


No doubt that it is a highly transparent and traceable system as compared to the traditional finance system. Every record of amount can be easily tracked with a digital recording system.  It reduces the need for time-consuming and costly third-party verification tools. Also, it undoubtedly offers visibility into the transaction history within the banks' operations.


Reduce fraud:


It can reduce hacking, DDOS attacks, and other scams. Blockchain helps banks to identify their user's IDs and confirm their detail with digital Blockchain ID. It automatically reduces future frauds, which is the biggest concern of the banking system.

How bank can use Blockchain:


With Blockchain in banking, financial institutions would not need to depend on the network of custodial services and regulatory bodies like SWIFT. They can easily settle transactions directly on a public Blockchain.  Here are few benefits of using the new-age technology.


Verifying Digital Identity: 


Banks can't process online transactions without the verification of a person. This process can be done via face-to-face verification, logging in with passwords, or sending OTP on registered mobile numbers.
Although, after the application of Blockchain technology, this process becomes more seamless and more secure due to its accurate data reading capability.


Smart Contracts:


It might be possible to automate the process of transaction, which costs time, added complexity, and delays the transactions using smart contracts. It is a contract with terms and agreements between the buyers and sellers' business.  This computerized contract permits the trustworthy transaction completely free from any central authority or external enforcement mechanism. The new way to do business is here.

Faster lending:


Loan processing takes too much of the user’s valuable time. It can be reduced with Blockchain. This use of the technology is called Blockchain lending. Blockchain lending can give direct benefit to customers by reducing the growing costs. It provides lenders with a competitive offer and helps them do the transaction faster and without any security defect.  Blockchain-based Smart Contracts ensure that loan seeker and lender agree viable and fair terms regarding proof of funds and payment planning for future installments.


Blockchain technology has lots of advantages and revolutionary benefits to finance and banking institutions. Though, still, people are generally unaware of this technology and fear of adapting to it. This might cost us time to unify our currency and have a better future.

Frequently Asked Questions:


How is Blockchain used in finance?

Blockchain technology can improve finance and lending services by lowering counterparty risk and shortening issuance and settlement periods. It enables: authenticated paperwork and KYC/AML data, reducing risk exposures and facilitating real-time financial document verification.

What is an example of Blockchain?

Bitcoin is a well-known example of Blockchain in operation. This is a type of digital money (commonly called a cryptocurrency). This electronic form of funds may be transmitted safely from user to user without the need for intermediaries. In other words, there is no requirement for a central bank or administration. Bitcoin isn't the only currency that uses Blockchain technology.

Where can Blockchain be used?

Blockchain uses extend well beyond cryptocurrencies such as Bitcoin. With its capacity to increase openness and fairness while also reducing businesses' time & expense, the technology influences a wide range of areas, from contract enforcement to making government run more effectively.

What software is used for Blockchain?

There is multiple software available in the market for Blockchain technology; some of them are:
Solidity is one of the most widely utilized programming languages among Blockchain developers. Geth is a Go-based Ethereum node implementation. Mist is the authorized Ethereum wallet created by Ethereum's makers.


Is Blockchain the future?

Blockchain technology has several uses in a variety of sectors. Blockchain is already being utilized to help with identity management, smart contracts, supply chain analysis, and many other things. The full potential of Blockchain technology is unlikely to be realized. Till then, it is safe to assume that Blockchain is the future of the Fintech industry.

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CORE BANKING, MOBILE BANKING

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Article | March 20, 2023

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With the advent of digital banking, customers can now carry out a wide range of transactions using multiple channels such as mobile apps, online banking, ATMs, and branches. While this has made banking more convenient, it has also created new security challenges for banks. Here are some key considerations that banks should keep in mind when implementing a multichannel banking strategy: Multi-factor Authentication: Multi-factor authentication is a crucial security measure that can help prevent unauthorized access to customer accounts. Banks can implement multi-factor authentication by requiring customers to provide two or more authentication factors such as a password, fingerprint, or facial recognition. Fraud Detection and Prevention: Banks should have robust fraud detection and prevention systems in place to identify and prevent fraudulent transactions. These systems should be designed to detect suspicious activities such as large withdrawals, multiple failed login attempts, and transactions from unusual locations. Encryption: Encryption is a critical security measure that can protect sensitive data such as customer account information and transaction details. Banks should ensure that all customer data transmitted through their multichannel banking platforms is encrypted to prevent interception by hackers. Training and Education: Banks should provide regular training and education to customers on how to use their multichannel banking platforms securely. This can include educating customers on how to create strong passwords, recognizing and reporting phishing scams, and using public Wi-Fi safely. Customer Support: Banks should have robust customer support systems in place to help customers with any issues related to their multichannel banking platforms. This can include providing support through multiple channels such as phone, email, and live chat. 6. Multichannel Banking Evolution: Trends and Insights As financial institutions continue to adjust to the ever-changing needs and preferences of their customers, it is imperative to remain informed about the latest trends and insights in multichannel banking. These critical trends and insights have played a pivotal role in shaping its evolution: Rise of Mobile Banking: The use of mobile banking apps has surged in recent years, with many customers preferring to use their smartphones for banking transactions. As a result, banks are investing in the development of robust mobile banking apps to cater to this demand. Integration of AI and Automation: Banks are increasingly using artificial intelligence (AI) and automation to streamline their operations and improve the customer experience. 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Future of Banking: Examining Components of Digital Banking

Article | July 14, 2022

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Between 2017 and 2021, 9% of all branch locations closed down, a loss of around 7,500 branches, according to the non-profit National Community Reinvestment Coalition (NCRC). (Source: Bankrate) With the digitization of banking, there has been a shift toward a cashless economy, with net and mobile banking gaining popularity over physical cash. With digital banking solutions like UPI, internet banking, and mobile banking, customers can access global transaction banking services directly from their own platforms, enabling seamless transactions anytime, anywhere. 2. Multichannel Banking and Self-Service Solutions The shift from traditional brick-and-mortar banking to digital banking has become ubiquitous, making self-service approaches in digital banking solutions vital for customers. These options allow customers to access banking solutions using software resources without human intervention, enabling them to conduct transactions such as checking account balances, making online transfers and withdrawals, paying bills, loan installments, exchanging currencies, and overall managing wealth with ease. Such solutions can be accessed through FAQs, chatbots, customer support portals, and other similar resources. The scope of self-service technology also encompasses internet banking and online shopping. Although the first and most successful self-service solution introduced by banks worldwide was the automated teller machine (ATM), the concept has now been extended to include a variety of digital banking platforms and applications. 3. Demystifying Retail, Business and Corporate Banking Digital banking services and products consist of three main sub-categories: Retail banking, Business banking, and Corporate banking. Retail banking, also referred to as consumer banking or personal banking, is a form of banking that offers financial services specifically to individual customers instead of businesses. It enables customers to effectively manage their finances, access credit facilities, and securely deposit their funds. Business banking refers to a company's financial transactions with a specialized institution that offers tailored financial services such as business loans, credit, savings accounts, and checking accounts, exclusively designed for corporate entities rather than individuals. This type of banking is conducted by a dedicated business banking division within a bank, which solely caters to the financial needs of commercial organizations. Corporate banking entails the provision of financial services to sizable corporations and multinational enterprises, which includes an array of offerings such as cash management, trade finance, corporate lending, and treasury services. With the advent of digital corporate banking, businesses can now effectively manage their financial transactions, process payments, and gain access to various financial tools and resources via digital platforms, ensuring improved efficiency and convenience. 4.Mobile Banking: Payment Processing Overhaul Mobile banking allows remote access to a wide range of banking services. Mobile app simplifies our lives by letting bank and other financial institution users check account balances, pay bills, transfer money, manage investments, and apply for loans with just a few clicks. Mobile banking alerts promote smart financial management, provide customization options, and enable easy monitoring for suspicious activity. A Chase Bank study revealed that 87% of consumers use their bank's mobile app monthly. Some features of a digital banking platform: Transfer money to friends and family within minutes via the ‘Manage Payee’ option on mobile banking apps. Clear utility bills via banks linked with UPI-enabled apps on your phone instead of standing in long queues outside gas stations with cash. Open Demat accounts online via the KYC process and manage all investments, deposits, and stocks in one place. Open bank accounts by uploading documents online; skip visiting banks and filling out forms. Get online assistance from banks 24/7 through chatbots and support systems. Mobile banking enables smooth functioning and boosts transparency in accessing financial data. Check account balances anytime without the need for passbook slips. Mobile banking apps provide customers with innumerable loan options, with banks deducting loan amounts from accounts on a fixed date via the ‘AutoPay’ option. 4.1 Overview of Fintech Companies in Banking Industry Here are some leading digital banking platforms catering to the needs of financial institutions: Alkami Technology: It is a major developer of cloud-based digital banking solutions for financial institutions in the United States. Its solutions enable users to clients their businesses with confidence, react to changing circumstances swiftly, and build vibrant digital communities. The company provides a range of services, including retail banking and business banking, digital account opening, loan origination, and multi-payment fraud protection solutions to assist clients in their transformation. It is dedicated to empowering its clients and supporting them in achieving their goals. Numerated: It is a fast-growing fintech that streamlines the origination process for business banking products. Over 400,000 businesses and 30,000 financial institution associates have processed $50 billion in lending using Numerated. The platform is used by financial institutions with a combined $1 trillion in assets, including Bremer Bank, Dollar Bank, Eastern Bank, MidFirst Bank, People's United Bank, Seacoast Bank, and others. The company has been recognized for its work as one of 2020's Top 250 FinTechs by CB Insights and 2021's Best Overall Business Lending Company by FinTech Breakthrough. Zoot Enterprises: It is a global leader in providing advanced origination, acquisition, and decision management solutions to financial institutions. Its cloud-based platforms offer flexibility for specific business needs, including loan origination, fraud detection, and data acquisition. Zoot enables clients to access hundreds of cutting-edge data sources in real time, delivering decisions in milliseconds. Its origination solution streamlines loan processing, providing powerful tools and robust integrations that reduce data entry, accelerate loan processing times, and avoid costly errors. Geezeo: The company delivers enriched digital banking experiences, processing, and augmenting transactions for over 500 financial institutions. Its insights enhance the overall customer experience, seamlessly integrating within online and mobile banking environments while allowing financial institutions to maintain ownership of their personal financial management (PFM) brand. It focuses on technology solutions that engage audiences with enriched data and offers expertise in digital banking, marketing, and technology. TurnKey Lender: It is a global leader in Unified Lending Management (ULM). Its intelligent software products automate the entire lending process, including traditional and alternative lending, SME financing, grant management, money lending, leasing, trade finance, in-house financing, and more. With customers in over 50 countries, TurnKey Lender is gaining traction as a pioneer in AI software development for lenders in regions like the United States, APAC, and the EU. The company’s solutions are used by all types of lenders, including large/mid-size banks, digital lenders, multi-finance companies, trade finance operators, traditional and non-traditional lenders, and telecoms. 5. Technology Trends in Digital Banking Banking technology is rapidly evolving. Advanced technologies like AI and ML will enable banks to analyze large data sets in real time and offer personalized solutions to customers. The market size of the global digital banking platform was valued at USD 20.8 billion in 2021 and is expected to expand at a CAGR of 20.5% from 2022 to 2030. (Source: Grand View Research) The increasing digital savviness of the global population is prompting the adoption of technological advancements. However, some individuals are still in an adaptive mode due to a lack of time and knowledge. AI and ML technologies enable banks to analyze large amounts of data, make informed decisions through predictive analysis, and improve lending patterns by analyzing consumer spending patterns. 6.Digital Transformation in Banking Financial institutions must leverage big data to automate business processes and reduce costs in light of falling interest rates and banking fees coupled with rising consumer demands. Adopting artificial intelligence, cloud technology, and automation in modernizing their applications could enable banks to develop omnichannel products, services, and capabilities, ultimately improving the user experience. Now, let's examine digital transformation in the banking industry: 6.1 Authentic User Experience (UX) Banks must share genuine customer experiences to retain loyalty. To achieve this, they must embrace the latest trends, technologies, and well-designed UX. 6.2Blockchain Technology To improve customer satisfaction, banks must reduce the intermediaries between them and their customers. This can be accomplished through increased transparency using blockchain technology, enabling untrusted parties to agree on a shared database and eliminating the need for transaction intermediaries. 6.3 Personalized Technical Services Key points about the benefits of personalized services such as automation, AI, and cloud computing in the banking industry: Automation minimizes human intervention and reduces errors, resulting in faster and more efficient service. AI helps banks predict outcomes based on past data, such as identifying fraud and making customer recommendations. Cloud computing enables banks to adopt new business models and create secure applications that meet regulatory requirements. About 27% of Americans use an online-only bank. Of those at online-only banks, 88% reported they are satisfied with the bank’s services. Meanwhile, only 66% of consumers using traditional banks report being satisfied with them. (Source: Bankrate) 7. Digital Banking Platforms Reaching Out to SMBs Digital banking platforms have revolutionized business operations by providing enhanced convenience and adaptability. Fintech firms have customized their platforms to meet the unique needs of small and medium-sized businesses (SMBs), offering mobile apps that facilitate financial management, transaction processing, and access to a range of financial tools and services at all times and from any location. The following is a list of notable digital banking applications that have garnered significant popularity over time: Betterment: It is an online financial advisor that offers personalized, fiduciary advice for retirement planning, building wealth, and achieving financial goals. By utilizing advanced algorithms and technology, it offers automated investment services that are tailored to each client's unique investment objectives and risk tolerance. The platform offers a diverse range of investment options, low fees, tax-efficient investing, and access to financial advisors. Betterment's mission is to make investing accessible and affordable to everyone, with a user-friendly online platform that is easy to use and offers high-quality investment advice. Mercury: It is a startup-focused banking platform that provides a comprehensive range of financial services tailored to companies of any size or stage. The platform offers free checking and savings accounts, debit and credit cards, domestic and international wire transfers, treasury and venture debt, and other essential financial products, all with an intuitive user experience. In addition to its suite of banking services, Mercury also provides vibrant community programs that offer founders the resources, advice, and connections needed to build successful companies. Bluevine: It is a financial technology company that specializes in providing working capital financing solutions tailored to small and medium-sized businesses (SMBs) in the United States. With a suite of financing products, including invoice factoring, lines of credit, and term loans, Bluevine enables SMBs to secure the necessary funding to drive growth and expansion. The company's platform is designed to facilitate a seamless lending experience, with streamlined applications and fast approvals that can be completed in as little as 10 minutes. Novo: New York-based fintech firm, Novo offers digital banking services to small businesses in the United States. Its suite of products includes mobile check deposit, online bill pay, and debit card issuance for employees. The company has also integrated with popular small business software tools such as QuickBooks and Xero, providing businesses with greater financial management capabilities. Relay: Relay is an online banking and money management platform dedicated to giving America's small businesses the tools they need to grow and gain visibility into their finances. The company recognizes that traditional banking services often underserve small businesses. As a result, it has built a platform that gives entrepreneurs the power to control their cash flow by giving them a clear picture of their income and expenses. 8. Future Aspects of Digital Banking Solutions As technology continues to advance, the traditional banking system is expected to undergo significant changes in the coming decades, with neobanks rapidly gaining popularity among tech-savvy customers for their personalized services. These digital fintech companies, often referred to as 'challenger banks', operate without physical branches and offer a range of attractive services, blurring the line between traditional banking and financial systems. As a result, retail banks may adopt an omnichannel approach and leverage the robust infrastructure of fintech enterprises to enhance the customer experience.

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Article | February 10, 2020

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Hank Payments

Our mission is to make consumers financially well. We conveniently improve their probability of making bill and loan payments on time while helping them pay their loans off faster.

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NEM Introduces Symbol, the Next-Gen Enterprise-Grade Blockchain Platform

NEM | March 16, 2021

The NEM group has created ripples in CBDC space by launching Symbol, the world’s first central bank digital collector token launched on platform. It’s a next generation Proof of Stake (POS) Public Blockchain, boasting its corporate-grade programmability and security. With Symbol, NEM serves the latest technical features which financial institutions can leverage in building Fintech, Healthcare, and Supply Chain Products in this stabilizing economy. This new platform uses XYM, the native currency from NEM platform, used for the transaction within the network. David Shaw, CEO of NEM Group, comments on the inauguration of Symbol, “We believe that we are starting a complete new economic and digital system with maximum inclusivity and accessibility. We positioned Symbol at the forefront of the decentralization, digitization, and tokenization movement. The multiple features of the platform make it suitable for number of industries and use cases, including enterprise, financial services, regulated assets, and wider blockchain spaces. NEM plays a vital role working and integrating with other platforms, in this new value paradigm.” Symbol can support public/hybrid models, trust-less cross-chain swaps and it can integrate with existing systems and processes. The atomic cross-chain swaps the trust-less data and value flow throughout various different blockchain, allowing it to eliminate all intermediaries. It can also create the digital assets and represent shares of stock, signatures, votes, non-fungible tokens (NFTs) or other currencies, going beyond singular token services. The public chain of Symbol makes two chains available in the NEM project, the first being a 6-year old project, NEM NIS1(V1) continuing to run in parallel with no downtime, security breach, or asset loss in its entire history. Expanding this functionality, Symbol becomes the first platform to give public blockchain to bring on-chain, multi-layer, multi-signature accounts. This attribute helps the co-signatory of a multi-signature account to be a multi-signature account with its own set of co-signers. One unique feature of Symbol is its hybrid chain architecture, that helps it to separate from other platforms. It permits the deployments of both public and private chain use cases, while supporting the trust-less data flow between Private-Private and Private-Public deployments bidirectionally. This gives us the “win-win for everyone” solution, as it gives us great flexibility in how businesses store and share data. Symbol is set to take the CBDC (Central Bank Digital Currency) space by storm with LBCOIN, the world’s first blockchain-based digital collector coin issued by the Central Bank. It is committed only to NEM platforms. LBCOIN will transfer to Symbol chains to get the advantage of this advanced platform.

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FINANCIAL MANAGEMENT, INVESTMENTS

WaveBL Cooperation Boosts Digital Trade Finance Workflows for Surecomp's RIVO

WaveBL and Surecomp | January 27, 2023

Surecomp announced on January 26, 2023, that it will collaborate with WaveBL, a blockchain-based digital platform, to improve digital trade finance workflows. This will be accomplished by enabling access to electronic bills of lading via Surecomp's fintech hub, RIVOTM. Nevertheless, WaveBL's features will be available on Surecomp's collaborative trade finance platform. In fact, the bill of lading is still presented on paper under a letter of credit. Therefore, it is necessary for corporations to physically acquire the bills of lading from the shipping companies and then deliver these documents to their banks. It is a time-consuming and expensive process that can take a few weeks. WaveBL has already established connections with some of the biggest container shipping companies in the world, such as MSC, Hapag-Lloyd, ZIM, and ONE. Transparency, efficacy, and cost-effectiveness will be improved by connecting to bill-of-lading providers like WaveBL and exchanging the data with their banks on their trade finance management platform. The buyer, seller, issuing bank, and advising bank can now digitally sign and exchange unique, original papers to avoid courier expenses, fraud risk, and dock penalty penalties, thereby, improving customer experience, environmental sustainability, and company resilience. Enno-Burghard Weitzel, Surecomp's SVP of Strategy, Digitization and Business Development, stated, "By removing barriers and facilitating collaboration to drive a more streamlined, sustainable global trade finance process, RIVO allows any exporter to now access, manage and transfer ownership of its bills of lading electronically." He further added, "Our digital fintech hub RIVO is designed to bring together best of breed solutions to help customers streamline their trade finance management and workflow. Our partnership with WaveBL will afford our customers greater transparency, data accuracy and a much smoother document checking process, expediting a previously very tedious and time-consuming workflow." (Source – Cision PR Newswire) WaveBL's VP of Business Development, Ofer Ein Bar, expressed, "This partnership is a win-win alliance that will radically drive forward the transformation of trade whilst rapidly increasing trade efficiency. It marks a key milestone in our mission to truly transform trade; including the streamlining of crucial trade finance flows." (Source – Cision PR Newswire) About WaveBL WAVE BL is a well-known market leader in its own niche, and the company is changing the way business is done with the help of its own blockchain-powered platform for commercial transactions. It is the only company that has changed blockchain technology to make business more profitable by offering trusted, paperless, and electronic services while cutting costs and improving efficiency. About Surecomp Surecomp® leads global trade financing for banks and enterprises. The company has been at the forefront of digital trade finance, supply chain finance, and treasury solutions for over 30 years. These solutions simplify the transaction lifecycle to improve operational efficiency, compliance, and growth. Its 8 locations in Toronto, New York, Santiago, Buenos Aires, London, Hamburg, Tel Aviv, and Singapore serve distinguished customers in over 80 countries.

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PAYMENTS

Paystand Leads the Blockchain for Business Movement, Surpassing $2B in Payment Volume Over Its Zero-Fee B2B Network

Paystand | August 18, 2021

Paystand, the blockchain-enabled payment network for business, today announced another year of record-setting growth, with payment volume over its network accelerating past $2B. By doing so, Paystand becomes the fastest B2B payment company to reach this milestone, which comes amidst the larger fintech movement toward an open financial infrastructure. “There’s no question that blockchain is the unstoppable future for every essential business function, and Paystand has been pioneering blockchain applications for enterprise since 2013,” said Jeremy Almond, Paystand’s co-founder and CEO. “In the same way that the birth of the internet led to a universal shift in the way we produce and consume information, blockchain has the ability to transform every aspect of how we do business. We’re excited to make that transformation a reality in the realm of B2B payments.” Paystand’s rapid growth has continued throughout the pandemic as a direct result of the company’s ability to streamline essential accounts receivable (AR) tasks for finance teams, including automating cash application, reducing DSO by as much as 62% by offering embedded “pay now” buttons for email invoices, and digitizing cash flow management. Now, Paystand has been named to the Inc. 5000 list for the second straight year, and is growing at nearly 2x the median for all companies on the list – underscoring its impact in transforming B2B payments and commercial finance. Driven by a flat-rate, Payments-as-a-Service business model that creates a predictable cost structure for AR, Paystand has built the first real alternative to today's monopolistic card networks and paper-heavy processes: a B2B payment network that delivers unrivaled speed, security, and cost. Paystand’s growth acceleration over the past 12 months – due largely to the superior economics its payment network offers businesses – is evident across all areas of the company: “As our team continues its growth rate of 100%, we will continue to hire top talent that’s dedicated to rebuilding our financial infrastructure from the ground up,” says Aliyah Nance, Paystand’s VP of People. “Being named to the Inc. 5000 list for the second year in a row highlights Paystand’s position as the leader of the next wave of fintech, and we’re looking forward to expanding every facet of our organization with individuals who are dedicated to our mission.” About Paystand Paystand is on a mission to create an open commercial finance system, starting with B2B payments. Using blockchain and cloud technology, the company has pioneered Payments-as-a-Service to automate the entire enterprise cash cycle. Paystand makes it possible to digitize receivables, automate processing, reduce time-to-cash, eliminate transaction fees, and enable new revenue. Paystand has been consistently recognized as a top innovator in enterprise financial services and was named to the Inc. 5000 list in both 2020 and 2021.

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BLOCKCHAIN

NEM Introduces Symbol, the Next-Gen Enterprise-Grade Blockchain Platform

NEM | March 16, 2021

The NEM group has created ripples in CBDC space by launching Symbol, the world’s first central bank digital collector token launched on platform. It’s a next generation Proof of Stake (POS) Public Blockchain, boasting its corporate-grade programmability and security. With Symbol, NEM serves the latest technical features which financial institutions can leverage in building Fintech, Healthcare, and Supply Chain Products in this stabilizing economy. This new platform uses XYM, the native currency from NEM platform, used for the transaction within the network. David Shaw, CEO of NEM Group, comments on the inauguration of Symbol, “We believe that we are starting a complete new economic and digital system with maximum inclusivity and accessibility. We positioned Symbol at the forefront of the decentralization, digitization, and tokenization movement. The multiple features of the platform make it suitable for number of industries and use cases, including enterprise, financial services, regulated assets, and wider blockchain spaces. NEM plays a vital role working and integrating with other platforms, in this new value paradigm.” Symbol can support public/hybrid models, trust-less cross-chain swaps and it can integrate with existing systems and processes. The atomic cross-chain swaps the trust-less data and value flow throughout various different blockchain, allowing it to eliminate all intermediaries. It can also create the digital assets and represent shares of stock, signatures, votes, non-fungible tokens (NFTs) or other currencies, going beyond singular token services. The public chain of Symbol makes two chains available in the NEM project, the first being a 6-year old project, NEM NIS1(V1) continuing to run in parallel with no downtime, security breach, or asset loss in its entire history. Expanding this functionality, Symbol becomes the first platform to give public blockchain to bring on-chain, multi-layer, multi-signature accounts. This attribute helps the co-signatory of a multi-signature account to be a multi-signature account with its own set of co-signers. One unique feature of Symbol is its hybrid chain architecture, that helps it to separate from other platforms. It permits the deployments of both public and private chain use cases, while supporting the trust-less data flow between Private-Private and Private-Public deployments bidirectionally. This gives us the “win-win for everyone” solution, as it gives us great flexibility in how businesses store and share data. Symbol is set to take the CBDC (Central Bank Digital Currency) space by storm with LBCOIN, the world’s first blockchain-based digital collector coin issued by the Central Bank. It is committed only to NEM platforms. LBCOIN will transfer to Symbol chains to get the advantage of this advanced platform.

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Events