Scanco partners with CoreChain to automate the payment process with blockchain technology
The co-developed solutions, including an enhanced version of Scanco Purchase Agent, will enable Scanco customers to streamline their B2B payments process and unlock new supply chain financing opportunities. Leveraging enterprise blockchain technology to power digital B2B payments, users can streamline the manual processes and painful reconciliation that can slow warehouse and manufacturing business, while also mitigating fraud.
Additionally, Scanco customers can use the integrated technology to finance the working capital being held in unpaid invoices that age towards settlement due dates, frequently 30 to 120 days in arrears.
“The very nature of today’s warehousing and manufacturing business has changed, becoming much more virtual and integrated from end-to-end,” said Andrew Nunez, CEO of Scanco. “Scanco Purchase Agent will empower our customers to tightly align procurement with payments and financing functions, enabling the entire enterprise to work more efficiently and securely.”
Since its launch in September 2020, CoreChain has processed over $500 million in B2B payments for enterprise buyers, including channel customer transactions. Available as a white label platform, CoreChain allows any ERP or Business Process Automation software company, or even banks and other payment networks, to offer a digital B2B payments solution to its enterprise clients.
“The CoreChain network is platform agnostic, which allows us to engage the entire supply-chain ecosystem, and ultimately, better serve our customers,” Nunez said. “While we are still focused on the Sage platform, our solutions cannot be confined by the boundaries of a single ERP. Our customers work within ecosystems, not applications. The CoreChain partnership is strategically important to our continued focus on expanding our business. ”
“Automating the payment process with blockchain technology will not only help Scanco customers function more efficiently and securely, but it will also equip them for the future shifts in enterprise payments,” said Chris Aguas, Founder and CEO of CoreChain. “Innovation in the enterprise payments and finance space is moving at a break-neck pace and warehousing and manufacturing businesses will need to adapt. Scanco clients are going to be well ahead of the curve and ready for any sea changes that may occur.”
“Both CoreChain and Scanco share a deep focus on building an exceptional user experience that also delivers more security and cost savings for our customers,” said Tom Romary, Co-Founder and Chief Commercial Officer for CoreChain. “The integration of digital payments with working capital solutions, available through an industry-leading software solution in Scanco, is a welcome innovation in the manufacturing and warehouse industry.”
General availability of the enhanced Scanco Purchase Agent product is expected in early 2022.