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.