CoreChain, BillGO partner on virtual card

Blockchain-based digital B2B payment network Core chain technologies and invoice payment platform BillGO has entered into partnerships to improve the delivery of payments and the handling of supplier onboarding.

BillGO will integrate CoreChain’s virtual card payment program, allowing any company to offer an encrypted, secure payment solution to business customers, the companies said on Monday (Oct 24) in a press release.

“A virtual card solution built on distributed ledger technology and the security of blockchain, like CoreChain, also brings next-generation transparency and fraud protection to the virtual card programs integrated by BillGO,” CoreChain Technologies co-founder and CEO Chris Aguas said in the release. “CoreChain is the value addition that the virtual card market requires the most.”

CoreChain allows any enterprise resource planning (ERP) or business process automation software company, banks or other payment networks to offer their business customers a built-in B2B payment solution, according to the press release.

Its distributed ledger technology also provides a record of buyer-supplier transactions that is tamper-proof and visible to both parties, and provides opportunities to fund accounts receivable (AR) held in unpaid invoices, the release said.

“Together with CoreChain, we can better support and enable suppliers to automate their manual payment processes, unlocking valuable time, working capital and choice,” Cindy O’Neill, president and general manager of BillGO’s Biller Solutions, said in the release. “It’s a technology that will certainly help drive the adoption of virtual card payments in industries that may have previously resisted these types of programs.”

Businesses are embracing blockchain to do things in a new and different way than using traditional technologies and paper-based processes, Aguas told PYMNTS in an October 2021 interview.

Read more: Blockchain, Stablecoins set to deliver ‘tangible’ value to B2B payments, financial services

“Helping the wider industry understand which dimensions of crypto are relevant to them and how they can play is key to driving wider adoption over time,” Aguas said.