Paystand has partnered JCB. The two platforms will provide a digital payment platform for Japanese enterprises and JCB users.
According to a joint statement issued by the companies, the partnership will also offer the first end-to-end digital payments platform for users.
The statement, further noted that the proposed solution addresses an enormous gap in the current B2B payment market in Japan. Adding that it gives the 130 million JCB users an alternative to multiple payment methods, like cash and credit cards.
According to the announcement, “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.”
That said, Japan’s B2B payments reportedly account for $10 trillion annual volume. And cash is king. Thus, only 1% of commercial payments in Japan are made with credit cards. Bank transfers constitute even a smaller amount.
B2B companies face similar challenges, Paystand CEO, Jeremy Almond said. Also, he explained that B2B companies are still operating in the pre-internet commercial payment infrastructure.
In his words: “Our relationship with JCB is another indication that enterprises in all markets are demanding easy, secure, payments through digital technology. JCB is an iconic, global brand in financial services, and we are excited to partner with them.”
What’s in store?
As a result of this partnership, the following perks will be brought about:
- Speeding up time to cash: the solution will connect payers and suppliers over cloud-based payment infrastructure with real-time fund verification. This solution reduces Days Sales Outstanding (DSO) by over 60 percent on average.
- Reducing fraud and errors: Paystand’s payment infrastructure records an immutable record of every transaction, eliminating the potential for intentional fraud.
- Providing frictionless payments: the entire payment experience operates under seal and is integrated directly into merchants’ existing workflows.
Paystand has in-time accelerated its partnerships and product development to back the international need for digital payments, expanding into Mexico, Canada, and Asia.
Also Israeli-based fiat gateway provider Simplex has recently added support for Japanese Yen and the Canadian dollar currencies.