Paystand, a blockchain-enabled B2B payments service provider, has announced its acquisition of Teampay, a spend management software company. This move aims to consolidate their positions in the market and their goal of transforming payments by expanding their B2B payments network.

Establishing a DeFi Network and Advancing in Payments

The acquisition aligns with Paystand's idea of establishing an industry-wide decentralized finance (DeFi) network, aimed at connecting buyers and suppliers at scale, a concept once considered improbable. The recent development, in conjunction with strategic alliances with NetSuite, Sage, and Microsoft Dynamics 365 Business Central, along with the previous acquisition of Yaydoo in 2022, reflects a sustained period of innovation within the payment sector.

“In a quiet fintech climate, this acquisition arrives with a bang,” said Jeremy Almond, the CEO, Paystand. “This brings zero-fee blockchain payment technology further into the heart of the traditional finance technology stack. Paystand can leverage its blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term infrastructure to enhance Teampay’s impressive expense and AP management capabilities. The results will be game-changing – a truly next-gen, smart B2B payment network at scale that transforms the office of the CFO and brings radically better economics to businesses.”

The combined platform of Paystand and Teampay aims to empower Chief Financial Officers to drive profitability by streamlining processes across employees, vendors, and customers. Paystand brings its blockchain-based smart payments platform, facilitating faster time-to-cash, reduced Days Sales Outstanding, automated Accounts Receivable, and elimination of transaction fees.

Teampay's Role in Enhancing Profitability within Merged Entity

On the other hand, Teampay contributes its expertise in automating Accounts Payable and corporate expense controls, addressing inefficiencies in the system. Together, the merged entity promises direct contributions to profitability through accelerated revenue generation and enhanced cost savings.

Paystand acquires Teampay to be DeFi version of ‘Venmo for B2B payments’ https://t.co/puAglPyxrh

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Paystand's existing network of over 800,000 companies, with $10 billion in transactions, will be bolstered by Teampay's network of 250,000 companies, resulting in a formidable B2B payment network comprising more than 1 million business participants. The financial details of the acquisition Acquisition Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Read this Term remain undisclosed.