CoreChain Forms Embedded B2B Payments Partnership With R3

Embedded B2B payments network CoreChain has launched a partnership with enterprise technology firm R3.

The partnership offers banks and their service providers B2B payment processing over CoreChain’s network through Corda, R3’s distributed platform for decentralized applications, according to a Tuesday (Oct. 17) press release.

“CoreChain’s capabilities bring much-needed B2B payments innovation to banks and their providers in search of a modern, secure, embeddable payment solution which they can make available to their customers,” R3 Co-founder and Chief Strategy Officer Todd McDonald said in the release. “It addresses the gap in core banking systems that were built on legacy technology stacks, leaving in particular banks with limited technical innovation or resources struggling to keep up with the rapid progress in digital banking services expected by their most valued business customers.”

Banks can reduce fraud, eliminate paper waste, and boost efficiencies and savings via the partnership, according to the release. Customers can manage vendor payment processing more easily via a range of payment options, including virtual payment cards, ACH and eChecks.

Business banking customers can access digital B2B payments capabilities from their financial institutions, per the release.

“The bank customers benefit from simpler, safer and more convenient payments to their suppliers while banks benefit through the increased loyalty and deposit growth which result from offering innovative, value-added digital banking solutions,” the release said.

That sort of mutually beneficial relationship is important to helping both sides of the payment process establish trust, which in turn helps them create efficient payment processes. Such processes can reduce payment delays, disputes and errors.

“If technology just makes it easier for one side of the transaction and not the other, then it is not the right solution,” Ben Lamm, chief operating officer at Capital One’s trade credit business, told PYMNTS in an interview earlier this year.

Meanwhile, the PYMNTS Intelligence report “The AR Transformation Solution: Easing And Accelerating Payments From Business Customers” found that chief financial officers increasingly turn to embedded B2B solutions.

Organizations that take measures to transform and modernize their accounts receivable (AR) and accounts payable (AP) operations with streamlined and integrated innovations can improve cash flow management, cash flow forecasting and working capital management.

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