With the new upgrade, HashCash customers will now have access to real-time document sharing, automation and reconciliation, available instantly through B2B payments, the release stated.
The key features, according to the release, include invoice exchanges and creation and online purchase orders; shipping documents and sharing trade security through encryption; the ability to expand and include other banks and trading partners; and instant settlement and verification for payments.
Raj Chowdhury, CEO of HashCash Consultants, said the idea is to offer “a platform for secure, transparent and faster B2B payments.”
“Digitizing end-to-end trade processes and uniting all involved parties on a single network drastically cuts down processing time,” Chowdhury said, according to the release. “My team is working effectively to manage capital through live tracking of the account balance.”
The release stated HashCash’s methods are used in a number of situations, such as for corporate houses needing a way to perform vendor payments, for central banks for wage disbursement, for personalized use for brands and for clearinghouses looking at replacing or building new clearing systems.
HC Corporate Payments can be done in less processing time than regular payments with instant settlement, secure and online document exchanges and real-time information sharing. Information is protected via blockchain imageability and encryption. Essential business processes can be automated with smart contracts, and transactions can be reconciled automatically, according to the release.
In separate news, Neal Anderson, president and CEO of OnPay Solutions, told PYMNTS in June that the digital transformation from the pandemic had taken many forms for companies, with FinTech collaborations working for some smaller firms. Anderson added that a “diligent exploration” of options would help companies without changing much to get their systems digitally ready.