Scanco and CoreChain announce integrated B2B payments and supply chain finance solution

This week, US-based supply chain management company, Scanco and CoreChain Technologies, a B2B payments company that builds its network on blockchain, have announced that they both are partnering to co-develop an integration of the CoreChain payments network with Scanco’s software products.

According to the press note, the integration and co-developed solutions will enable Scanco customers to streamline their B2B payments process and unlock new supply chain financing opportunities. Clients by leveraging enterprise blockchain technology for B2B payments can streamline the manual processes and reconciliation that can slow warehouse and manufacturing businesses.

Last week, Citizens Bank launched Integrated Payables Solution for Corporate Clients in the US while earlier this year, Paya and RECUR360 announced a partnership to implement integrated payments for B2B clients and Bank of the West and CSI teamed up to launch an integrated payables platform.

“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.

Andrew Nunez also noted that the ‘CoreChain partnership is strategically important to our continued focus on expanding our business’.

As noted by the press release, since the launch in September 2020, CoreChain has processed over $500 million in B2B payments for enterprise buyers, including channel customer transactions. Using the integrated solutions, some clients would be able to finance their working capital held in unpaid invoices which are in 30 to120 days in arrears.

“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 is a warehouse management solutions builder and the company also builds supply-chain management solutions for Sage.

While CoreChain is a B2B payments company build on the Blockchain DLT (Distributed Ledger Technology) network enabling businesses of all sizes to send and receive payments. The company has processed over $500 billion in B2B payments and it offers multiple payment options in a single platform such as ACH, eChecks, virtual cards, bank integration.