JCB, a global payment card issuer and acquirer, has signed a memorandum of understanding (MOU) for building a B2B payment solution for small and mid-sized enterprises in Japan with Paystand, a California-based provider of commercial payments infrastructure.
The announcement signals JCB and Paystand’s intention to deliver a fully automated and digitised B2B payment solution for the Japanese market. With regards to the introduction of a new consumption tax rate in Japan, the Qualified Invoicing System will be also launched effective 1 October 2023. By this new rule, Japanese enterprises as taxpayers are required to include more detailed information including registration numbers and applicable tax rates in their invoices and books in order to become eligible for crediting of input consumer tax. JCB and Paystand consider the new payment solution will help Japanese enterprises to comply with such stricter requirements and drive more digitisation and cashless payment in the B2B payment market.
Paystand provides a software-as-a-service (SaaS)-based B2B payment platform for businesses. The Paystand platform connects suppliers and payers through a network that speeds up time to cash, automates manual processing, and mitigates risk of fraud. Suppliers also benefit from Paystand’s subscription cost structure that reduces transaction costs and improves forecasting and margins. The platform is designed to give payers instantaneous bank to bank transfers with real-time fund verification, but also supports more traditional payment methods, including credit and debit cards and ACH. Paystand integrates into ERP systems such as Oracle Netsuite and extends payment automation technology directly into those systems of record.