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Paystand and JCB Sign Initial Agreement to Build B2B Payment Solution for $10 Trillion Japanese Market

December 20, 2019 GMT

SCOTTS VALLEY, Calif.--(BUSINESS WIRE)--Dec 20, 2019--

Paystand, the fastest growing blockchain-enabled commercial payments platform, today announced it has entered into an initial agreement with JCB Co., Ltd. to provide the first end-to-end digital payment platform for Japanese enterprises and JCB customers. The proposed solution addresses an enormous gap in the current B2B payment market in Japan and gives the corporate subset of JCB’s 130 million customers an alternative to legacy payment methods, like cash and credit cards.

“The challenges faced by B2B companies across the globe are similar: they are burdened by a commercial payment infrastructure mired in pre-internet technology,” said Jeremy Almond, CEO of Paystand “As a result, they are saddled with a legacy system rife with costly transaction fees, manual processes, and delays. Our relationship with JCB is yet another indication that enterprises in all markets are demanding easy, secure, frictionless business payments that leverage digital technology. JCB is an iconic, globally recognized brand in financial services and we are excited to partner with them to introduce better business payment technology to their customers and other companies throughout Japan and Asia..”

The B2B payment market in Japan accounts for $10 trillion dollars in annual volume but, like many markets, is still dominated by cash transactions. Only 1% of commercial payments in Japan are currently made via credit card and an even smaller fraction are made through technology such as bank transfers. The reliance on pre-internet solutions for commercial payments causes significant and measurable economic drag, with estimates ranging from $500 billion to $1 trillion in lost productivity and ROI to businesses.

The result of this joint undertaking will provide those businesses which are transacting trillions of dollars in payment volume a modern B2B payment platform that will dramatically improve the payment experience for payers and merchants by:

Partnering to Bring Digital Payments to Enterprises Worldwide

In the past year, Paystand has continued to accelerate its product development and partnerships to support the global need for digital payments, with expansion into Canada, Mexico, and now Asia. The initial agreement with JCB establishes Paystand as a core payment technology in Japan and will offer Japanese businesses a modern toolkit for finance and payments to keep up with today’s flexible, software-driven approach to corporate growth. This furthers Paystand’s mission of bringing digital transformation to one of the last frontiers of the enterprise - the cash cycle.

About Paystand

Paystand is the fastest growing commercial payment platform for midsize and enterprise companies. Through its Payments-as-a-Service model and blockchain-based technology, Paystand helps businesses digitize and automate the entire cash cycle. Today, brands use Paystand’s to drive greater capital efficiency, streamline back-office operations, and enable best-in-class payment experiences. Paystand has been consistently recognized as a top innovator in enterprise financial services. For more information about Paystand, visit us at paystand.com. Follow our blog and connect with us on Twitter and LinkedIn.

About JCB

JCB is a major global payment brand and a leading payment card issuer and acquirer in Japan. JCB launched its card business in Japan in 1961 and began expanding worldwide in 1981. As part of its international growth strategy, JCB has formed alliances with hundreds of leading banks and financial institutions globally to increase merchant coverage and cardmember base. As a comprehensive payment solution provider, JCB commits to provide responsive and high-quality service and products to all customers worldwide. For more information: www.global.jcb/en.

View source version on businesswire.com:https://www.businesswire.com/news/home/20191220005116/en/

CONTACT: Paystand

Mark Fisher

VP Marketing

Tel: +1-800-708-6413

Email:mfisher@paystand.comJCB

Kumiko Kida

Corporate Communications

Tel: +81-3-5778-8353

Email:kumiko.kida@jcb.co.jp

KEYWORD: UNITED STATES JAPAN NORTH AMERICA ASIA PACIFIC CALIFORNIA

INDUSTRY KEYWORD: PROFESSIONAL SERVICES DATA MANAGEMENT TECHNOLOGY FINANCE SOFTWARE INTERNET

SOURCE: Paystand

Copyright Business Wire 2019.

PUB: 12/20/2019 10:00 AM/DISC: 12/20/2019 10:01 AM

http://www.businesswire.com/news/home/20191220005116/en