Blockchain Payments Firm PayStand Selected To Participate In Class 8 Of Commerce.Innovatedbr>
Blockchain payments-as-a-service platform PayStand has been selected to participate in Class 8 of Commerce.Innovated, an accelerator designed to help commerce, payments and FinTech companies grow their businesses.
Based in California, PayStand is a B2B enterprise payments processor that digitizes their customers accounts receivable processes using blockchain technology. The platform offers technology that integrates with commercial customers sites, enabling the payer to remit payment in any digital form. PayStand’s SaaS (software as a service) business model enables the company to offer its clients a blended wholesale rate for their credit card transactions that they do not profit from.
Launched in 2014 by Silicon Valley Bank and First Data, Commerce.Innovated is a four month program that provides participants with operational mentorship with a focus on improving consumer and business experiences to provide better, more secure transactions. It has worked with 32 commerce, payments and FinTech-focused startups to date, including Alloy, Domuso, FutureFuel, Earny, and Splitwise.
Jeremy Almond, CEO and Founder of PayStand, said being selected to participate in the program brings the company one step closer to realizing its vision for a more seamless, open commercial banking system.
“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,” Almond said. “The ability to strategize and collaborate with these industry visionaries takes our platform to another level of credibility and visibility.”
During the program, PayStand will explore new product and business opportunities by leveraging the operational expertise and networks of program mentor while building out its billing and payments network.
“These innovators are driving important advancements in payments, fintech and commerce to make experiences for businesses and consumers simpler and more transparent,” said Reetika Grewal, Head of Silicon Valley Bank’s Payments Strategy and Solutions Group. “We are happy to be part of helping these companies realize their goals.”
“Startups drive new thinking and creativity in every industry and our Class 8 participants will be applying cutting edge technology to complex financial businesses to bring simplicity and automation to consumer and B2B financial transactions,” said Chris Foskett, Executive Vice President, Head of Corporate & Business Development, First Data.