Paystand adds new treasury management tools in the wake of SVB crisis
By Gloria Methri
Paystand, the blockchain-enabled B2B payment network, has announced a new suite of Accounts Receivable and Accounts Payable tools. The new products are designed to help businesses manage their full-cycle treasury and to better optimize their cash flow under any set of market conditions.
The announcement comes in response to the recent collapse of Silicon Valley Bank, which left thousands of companies in the lurch for funds, which they depended on to make payroll and pay critical bills.
Banking regulators shut down Silicon Valley Bank on Friday, March 10, after the bank suffered a sudden, swift collapse, marking one of the biggest bank failures in US history. Thousands of SVB account holders found their cash frozen and numerous non-SVB companies also went into a frenzy.
To help address such a crisis, Paystand has launched its Smart Treasury Management for Accounts Receivable. Now businesses can route their receivables automatically as they come in, directing the funds to the bank accounts they deem appropriate.
CFOs can more easily diversify AR Deposits and Treasury Sweeping between multiple institutions will help maximize the FDIC insurance benefits.
Paystand also introduced Instant bill pays using AR funds, which eliminates the need to interact with bank accounts. As receivables come in, merchants can immediately direct their funds to their DeFi Cards without leaving the Paystand Network. They can use their cards to pay vendors and manage operating expenses without the risk, delay, or friction associated with first settling into a bank. Merchants earn 1% back in bitcoin on every purchase with DeFi Cards.
“The SVB situation exposes a risk in banking that few paid attention to. CFOs should not have to worry about the integrity of their financial infrastructure,” said Jeremy Almond, co-founder, and CEO, Paystand. “Paystand, with its decentralized payment network operating on the blockchain, gives CFOs a better solution to collecting, accessing, and managing their funds no matter what.”
The decentralized Paystand Network transforms the way merchants transmit and manage money. Network transactions are zero-fee, settle within one banking day, and are automated with smart AR and AP accounting tools. These new treasury and cash flow tools are available now, and businesses can sign up directly at Paystand.com.
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