Paystand, a leading blockchain-enabled B2B payments network, has announced the acquisition of spend management software provider Teampay, in a strategic move to bolster its B2B payments capabilities.
The acquisition of Teampay positions Paystand as a formidable force in the B2B payments landscape, with a shared vision to revolutionise payments by expanding the largest, fastest, and most cost-efficient B2B payments network.
The combined platform offers CFOs powerful tools to drive profitable behaviours among employees, vendors, and customers. Paystand’s blockchain-based smart payments platform accelerates time-to-cash, reduces DSO, automates AR, and eliminates transaction fees. Meanwhile, Teampay’s expertise lies in automating AP and corporate expense controls, streamlining processes and eliminating inefficiencies. Together, they enable CFOs to realise direct contributions to profitability through faster revenue and greater payment savings.
Expanding the B2B Payment Network
With Paystand’s existing network of over 800,000 companies and $10 billion in transactions, and Teampay’s network of 250,000 companies, the acquisition broadens the largest B2B payment network running on a commercial blockchain to over 1 million business participants. This expansion signifies a significant milestone in the evolution of B2B payments, promising greater efficiency and cost-effectiveness for businesses.
Paystand’s acquisition of Teampay signals a shift towards a more advanced and efficient B2B payments ecosystem, leveraging blockchain technology to overcome the limitations of traditional payment infrastructure. The synergy between Paystand’s payment expertise and Teampay’s expense and AP management capabilities promises to deliver game-changing solutions for businesses seeking smarter, more streamlined financial operations.
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