Single Ledger — A Global System of Trust

Last month I had an opportunity to deliver a professional development session for CPAs at the Allinial Global Technology Fly-In, where I formally announced PayPie’s Single Ledger initiative, showcasing the proof of concept (POC) for distributed ledger technology to industry participants. Just like anyone else who has dealt with anything related to the blockchain in the last few years, I could feel the mix of excitement, curiosity and anxiety in the air.

There was a time when businesses used to have separate accounts receivable and payable systems, then came on-premise systems followed by cloud accounting and software as a service (SaaS). Now there’s blockchain and distributed ledger — the next step in the evolution of online accounting.

Present challenges — without distributed ledger technology

Currently, financial data is often housed inside different accounting platforms and enterprise resource planning (ERP) systems.

Online accounting (cloud accounting) is a revolution with millions of success stories and it has done a great job solving problems that have plagued the industry for years. Most of these systems allow for the creation of accounting transactions and nearly real-time financial statements. They also significantly accelerate the reconciliation process. The result is a wealth of valuable business data.

But, all this crucial information is often siloed and there’s no universal system for sharing it. All these systems look like an isolated collection of company intranets — islands of data that often fail to extend past the edge of the business.

Anytime a business has to deal with an external third party, the processes for transmission and verification of this data through APIs still require a lot of manual review and cross-checking. Dealing with a counterparty, even with the most diligent efforts, is time-consuming and prone to errors.

The issue of siloed information is a global challenge across the entire financial services industry. (Actually, almost every industry. But for this post, let’s stick to accounting.)

Next steps — breaking down barriers

The future of the accounting industry lies in collaboration. At PayPie, we’re heading up efforts to facilitate this innovation in the form of our Single Ledger initiative. We have developed a blockchain-enabled technology that will create a global system of trust to connect all these disconnected dots.

The future — distributed ledger technology and global digital IDs

One of the most revolutionary things about Single Ledger is that we are able to assign a unique blockchain-powered global ID to every business through their online accounting system participating in the network.

Through this ID process, all parties within the network are able to identify, validate and trust the information provided. This potential has never existed before and was not even possible before blockchain. Benefits from this global system of trust include:

  • Cryptographically created blockchain IDs that can connect any business in the world using an online accounting system.
  • This same cryptography makes data on the blockchain permanent and immutable. It cannot be changed, altered or modified.
  • Data entry, transactions/settlements will take place in near-real-time.
  • End-to-end transparency will eliminate the need for middlemen and costly, time-consuming third-party clearing houses and validation processes.

The mission of PayPie’s Single Ledger initiative is to connect businesses in order to further develop a trusted, self-validating ecosystem with the potential to radically change current business models.

Here’s a video example:

The heart of the evolution — collaboration

If you are an online accounting and/or financial data producer, a vendor using an online ERP partner with us to advance the potential of this technology.

As a participant in the ecosystem, you’ll ensure the authenticity and origin of the data that originates from your accounting platform. At the same time, your customers control who they would like to share data with, just like they do now.

Single Ledger ensures the integrity of the data and provides automated guaranteed delivery for all the transactions to the counterparty.

The more participants we engage, the sooner we’ll be able to usher in the next generation of online financial information and end “garbage-in, garbage-out” (GIGO) problem.

Current data import and extraction systems, including OCR, are clunky. Together, we can automatically and accurately code all transactions and do all the heavy lifting of bookkeeping — saving our customers (and ourselves) from endless hours of data entry.

In the same way that cloud computing has changed the way software is used and distributed, Single Ledger will transform how accounting data is authenticated at the origin, validated and shared.

Here is a proof of concept demo of the Single Ledger in action narrated by Single Ledger’s CEO, Nick Chandi:

Keeping facts while removing friction

“The methods behind blockchain accounting are so revolutionary that some believe it could end the 700-year reign of double-entry accounting.”
QuickBooks Canada Team

Who knows… with the adoption of Single Ledger, we may not even need invoices by 2028! When users assign permissions to their data from the accounting platform of their choice, they remain in the driver’s seat while controlling the usage of the shared data.

Rather than financial information being passed back and forth like a frantic game of ping pong, Single Ledger may change the game entirely. Through the evolution of Single Ledger, the ball may one day stay in one place, in their accounting system — where everyone can access it simultaneously, a dream come true for vendors, auditors, lenders, banks and tax authorities.

Together — we can make the next transformation happen

We’ve begun an industry-wide initiative to engage more thought leaders, build a multi-faceted data ecosystem and develop further use cases based on the blockchain economy. I foresee a vibrant and robust environment where information sharing is automated via smart contracts — created, owned and executed by business users.

  • Let’s take the heavy lifting out of accounts receivables and payables — creating win-win collaborations.
  • Let’s reduce the cost of doing business by letting stakeholders place greater trust in your customers.
  • Give businesses greater power and control over their financial data.

Join us today and enhance this system of trust — Single Ledger!

Stock images via Pexels.

Distributed ledger infographics via singleledger.org.

For a Sustainable Ecosystem

Now that Beta is successfully live, I wanted to share with token holders a few insights into PayPie’s operations. One of the most common questions that we receive is about how safe it will be to use PPP tokens on the platform for the invoice buying process. As most of you already know, our company’s foundation is directly based on the answer to the above question. PayPie was born with the goal of ensuring that one business could transact with another in a very safe and secure manner.

Our resources are primarily dedicated to solving this very real problem so that when we connect you as an invoice buyer with an invoice seller and you use your PPP tokens on the platform, you should be as confident as I am because PayPie will grow only if you are successful in operating your business.

The key value at the very core of PayPie is the credit risk assessment itself, meaning that reducing risk to near-zero levels will be PayPie’s main goal. Let us start the process with what one of the pillars we have on the platform, the Credit Hubs. We envisioned them so that we can comply with existing financial regulations as well as bring third parties to provide liquidity for the SMEs as the platform grows.

Initially set up by PayPie as affiliated corporations, Credit Hubs will operate as separate legal entities licensed to carry on their respective financing activities in the jurisdiction in which they operate. As adoption increases, PayPie expects to allow third-party unrelated entities to join the Ecosystem and operate as Credit Hubs.

On successful financing, PPP token holders who deposit their tokens will receive their PPP tokens as principal plus profit payable as additional PPP tokens for providing their tokens as financing capital, the Credit Hub will then receive a fee for facilitating and arranging the financing with SMEs and invoice customers. The KYC provider and PayPie will receive fees for the use of its financial and credit risk information and for the use of the PayPie Price Oracle. We expect the aggregated fee for all components to be around 1% of the invoice value per invoice factoring transaction.

In the coming weeks, you will see some major improvements on the platform as we build more features that not only help SMEs but also to invoice buyers. Traditionally, invoice factoring is considered one of the most secure kinds of service and we believe that with the accuracy and precision from PayPie’s holistic risk assessment, we will be able to keep default rates at minimal levels, likely less than 0.5% (not 5% as some mistakenly stated, 0.5%).

We have very well-experienced members from the factoring business onboarding our team and we are on the right track with our initial data modeling methods. As we build, learn, and improve, I am positive that you will not find any other company around that will consistently deliver again and again a utility like never seen before.

Protecting PPP holders from defaults is an absolute priority for us. There is no real substitute for a stringent due diligence process. A thorough KYC process on SMEs will be in place for the maximum protection of invoice buyers. SMEs will have to co-sign alongside with AR Customers to minimize the defaults.

There are standard financial processes that allow us to take steps to aid debt recovery. In fact, there are debt collection mechanisms that are well established in the offline financial industry elements and even then do not have access to the critical data that you will have.

Despite being often helpful, sometimes side discussions can deviate our focus from our core mission. Let’s make sure that doesn’t happen. Comparing PayPie’s value propositions with others’ is like comparing apples and oranges. In some business models, you must have insurance in 100% of the cases because there is nothing creating real value for operations. The value and benefits that we provide are something that others simply don’t have. Other companies don’t know how SMEs’ bank histories look like, how many times the AR Customer was late in making previous payments, or if AR Customers were making the payments at all.

These are just the tip of the iceberg of a multitude of other data that’s primary to PayPie. Based on the data, we will be able to foresee challenges that you may face way before an invoice is even listed on the platform. There is nothing stopping us to introduce insurance options at any time and our goal is to create a win-win situation for both you and the SMEs, and we want fewer intermediaries to make that happen, not more. We want more success rates, more profit in token holders’ wallets, not less.

 

 

A New Era Begins

We’ve come a long way since this all has started. Partnerships, team expansions, development, Alpha release, and even a brand new house – our revamped website. PayPie has been through a lot during all this time and, along with it, our beloved community composed by some of the most passionate and fearless supporters that any company can have has kept always moving forward no matter what. Steadily. Strongly. Imperatively.

Now, at the dawn of a new era for the blockchain fintech scene, emerges a giant. Beta. Beautiful. Bombastic. A landmark in the history of the entire crypto world regardless of nation, community, or industry. A giant born with the greatness of a ground-breaking Intuit partnership to forever change the blockchain landscape.

Welcome to PayPie Beta. PayPie has partnered with the fintech powerhouse Intuit to deliver a QuickBooks Online integration straight at Beta launch. PayPie will now have instant access to millions of QuickBooks Online business users as potential customers since the very beginning. QuickBooks is one of the largest business accounting software in North America having over 80% of market share in the USA. Its online version accounts for a considerable piece of that and follows the latest industry cloud trend.

Small and medium-sized enterprises will be able to instantly connect their QBO accounts to PayPie to have access to their unique PayPie credit score and analytics insights to improve their business’ finances. SMEs’ real financial data histories will be assessed in near-real time by our automated credit risk assessment algorithm and their credit scores will be hashed to the Ethereum blockchain for ultimate transparency.

PayPie’s initial credit assessment and financial analytics insights are live now and available to all small SMEs using QBO as their primary accounting solution in the USA, Canada, UK, and Australia. Once businesses are all set on the platform, they will be able to sell their invoices in the marketplace to have access to fast and affordable funding from global invoice buyers. Our beta platform is live to be experienced with test tokens and improved functionalities will be introduced in stages, including turning the switch to real token usage.

PayPie’s legal team remains closely working with our local authorities to solve any outstanding aspects of the platform and we are willing to take the necessary steps and abide by required regulations safeguarding for the long-term best interests of the company and of our token holders’ community. Our bright future awaits and it will always be built on solid and responsible foundations.

The horizon is coming and it belongs to PayPie. Our marketing outreach starts this week and a comprehensive approach will come to place. Beta is a nice and shiny platform still in very early stages and there are plenty of more developments to come. In last few months, many amazing talents have joined our ranks including a former Goldman Sachs executive with expertise in credit risk assessment with specific expertise background in the invoice factoring industry. We are serious about disrupting the ways that businesses improve their finances and we are going big at it.

Enjoy Beta! We are just getting started!

 

 

 

 

PayPie Launches Its Live Beta With QuickBooks Integration

VANCOUVER, BC, April 30, 2018 – PayPie announced today that the Beta version of upcoming fintech blockchain platform was officially launched with a working QuickBooks Online integration out of the gates. PayPie’s initial credit assessment and financial analytics insights are live now and available to all small and medium-sized enterprises (SMEs) using QBO as their primary accounting solution in the USA, Canada, UK, and Australia.

PayPie is disrupting the way SMEs improve their finances and tackle ongoing cash flow problems. The platform’s Beta allows businesses to seamlessly connect their QuickBooks Online accounts to PayPie to have access to a completely automated financial analysis. The platform’s credit risk algorithm evaluates multiple data points based on the company’s financial history and harnesses the power of blockchain technology to assign each business a unique PayPie credit score for ultimate transparency and reliability. SMEs also receive a complete set of analytics of their financial performance followed by custom insights on how to improve their finances.

“SMEs have a real need to constantly improve their finances and access affordable financing to maintain a healthy cash flow, but that’s often a challenge that most businesses struggle to overcome. By partnering with the fintech powerhouse Intuit to deliver a QuickBooks Online integration at Beta launch, PayPie instantly enables a service to help millions of QBO users to achieve a transparent understanding of how to improve their finances while also providing them with fast and affordable business financing possibilities to come”, said PayPie’s CEO, Nick Chandi.

The PayPie platform aims to enhance financial opportunities for millions of SMEs worldwide and to connect them with a multitude of prospective invoice buyers who can make better-informed decisions on its unique built-in credit risk assessment.

ABOUT PAYPIE

PayPie empowers SMEs to improve their cash flow through prospective access to affordable business financing, insightful analytics, and credit scoring powered by blockchain technology. The platform brings ultimate trust and transparency to the fintech scene by introducing its unique blockchain-powered credit risk assessment based on near real-time business accounting data. PayPie released its Alpha version in January of 2018 and its Beta version in April of 2018. For all things PayPie go to https://www.paypie.com/

 

 

 

PayPie Joins the Enterprise Ethereum Alliance

VANCOUVER/BC, CANADA – March 2, 2018 – PayPie announced today that it joined the Enterprise Ethereum Alliance (EEA), the world’s largest open source blockchain initiative with over 400 member companies. PayPie joined EEA to enhance its contributions as a trusted leading enterprise in the blockchain industry and to support the adoption of Ethereum-based technology in the enterprise world.

As a member of the EEA, PayPie will collaborate with industry leaders to help spread the benefits of trust and transparency brought by the blockchain to industries worldwide. EEA’s membership represents a wide variety of business sectors from every region of the world, including technology, banking, government, healthcare, energy, pharmaceuticals, marketing, and insurance, as well as a number of fast-growing Ethereum startups. The EEA’s wide range of vendor-led, industry-specific application layer working groups and committees are committed to increasing the adoption of Ethereum technology in the enterprise.

“We are always searching for new ways of strengthening the blockchain technology community as a whole and of growing our own partnerships ecosystem with organizations that bring new synergies to the platform. The support for blockchain improvement and adoption must be constant to enable fintech companies like PayPie to expand and bring value to an ever-growing business audience eager for credit disruption,” said PayPie’s CMO Yohan Varella.

About PayPie

The PayPie platform brings ultimate trust and transparency to the business lending by introducing the world’s first blockchain powered credit risk assessment based on business accounting. The platform challenges Experian, Equifax, and TransUnion’s status quo by assessing businesses credit risk profiles through a built-in algorithm that accounts 150 data points from near real-time financial data-based risk scores hashed on the Ethereum blockchain, hence building a faster, safer, and smart contract-powered credit scoring for banks, lenders, and financial institutions. Furthermore, the platform will introduce its own invoice factoring marketplace in which SMEs and invoices will be rated by PayPie’s unique credit risk score for a trustworthy decision system. PayPie has launched its conceptual Alpha version in January 2018 and has scheduled to launch its Beta version at any time before the end of April 2018.

For additional information about PayPie, please reach out to [email protected] or visit paypie.com

About The Enterprise Ethereum Alliance

The EEA is an industry-supported, not-for-profit established to build, promote, and broadly support Ethereum-based technology best practices, open standards, and open-source reference architectures. The EEA is helping to evolve Ethereum into an enterprise-grade technology, providing research and development in a range of areas, including privacy, confidentiality, scalability, and security. The EEA is also investigating hybrid architectures that span both permissioned and public Ethereum networks as well as industry-specific application layer working groups. EEA will collectively develop open industry standards and facilitate collaboration with its member base and is open to any members of the Ethereum community who wish to participate. This open-source framework will enable the mass adoption at a depth and breadth otherwise unachievable in individual corporate silos and provide insight to the future of scalability, privacy, and confidentiality of the public Ethereum permissionless network.

For additional information about joining EEA, please reach out to [email protected] or visit entethalliance.org

 

PayPie Credit Risk Assessment to Be Adopted by Debitum Network

PAYPIE CREDIT RISK ASSESSMENT TO BE ADOPTED BY DEBITUM NETWORK

VANCOUVER, Canada, February 9, 2018 – PayPie and Debitum Network announced today that the business credit risk assessment powered by blockchain technology provided by PayPie will be adopted by Debitum Network as its dedicated blockchain-based risk score provider for business loans exclusively for businesses in North America.

The PayPie and the Debitum teams have come to an agreement for developing a partnership with joint interests in expanding their array of benefits to broader audiences across platforms. Debitum’s CEO, Mārtiņš Liberts, said that “Debitum aims to tackle the SMEs global loan markets with constant focus on technology innovation and growth, and bringing the PayPie credit risk assessment to scrutinize businesses in North America and beyond will bring even more value to our users by granting additional trust and reliability for them to make better informed decisions.”

The partnership will involve joint efforts toward developing an integration between the platforms so Debitum Network users can directly access the PayPie scores from within the platform for greater convenience. PayPie PPP tokens will be needed for accessing the platform’s credit score, so PayPie and Debitum will agree on initially exchanging PPP tokens for Debitum DEB tokens to seed user adoption. Afterwards, PPP tokens should be directly used by Debitum users or by the Debitum platform for accessing the PayPie credit score and make it directly available through the platform. For that purpose, the Debitum Network may implement DEB to PPP exchange (automatic or manual) while any specific technical solution and integration will be designed on a later stage of the partnership. PayPie will have exclusive rights as being the only blockchain company to provide credit risk assessment and scores to Debitum and to its users and businesses in North America, while Debitum will retain the rights to provide credit risk data from other non-blockchain companies in addition to PayPie’s.

“Developing partnerships with fintech organizations such as Debitum is something that PayPie will constantly pursue as win-win synergies. Debitum users will be rewarded with the most accurate and up-to-date credit risk assessment available on the market through PayPie’s scores based on near real-time accounting data, while the PayPie platform will keep expanding its reach through new markets and audiences to solidify its unique value proposition. Interested parties are always welcome to reach us for the real business use cases in the credit industry”, said PayPie’s CMO, Yohan Varella.

ABOUT PAYPIE

The PayPie platform brings ultimate trust and transparency to the business lending by introducing the world’s first blockchain powered credit risk assessment based on business accounting. The platform challenges Experian, Equifax, and TransUnion’s status quo by assessing businesses credit risk profiles through a built-in algorithm that accounts 150 data points from near real-time financial data-based risk scores hashed on the Ethereum blockchain, hence building a faster, safer, and smart contract-powered credit scoring for banks, lenders, and financial institutions. Furthermore, the platform will introduce its own invoice factoring marketplace in which SMEs and invoices will be rated by PayPie’s unique credit risk score for a trustworthy decision system. PayPie has launched its conceptual Alpha version in January 2018 and has scheduled to launch its Beta version at any time before the end of April 2018.

ABOUT DEBITUM NETWORK

The Debitum Network is an ecosystem for various SME loans in a decentralized manner that allows organizations and individuals to distribute available capital in SME loans. Debitum offers a hybrid solution – companies’ financing will be executed in fiat – and the platform aims to create a truly decentralized network via motivated communities so it can become a living ecosystem rather than just a mix of individual organizations trying to deal service in a pragmatic approach which works in the real life. Debitum has schedule to launch its first version on the Ethereum blockchain by September 2018.

Improving Your Cash Flow in a Click

Do you remember the last time you tried to get some quick financing for your business? I bet it wasn’t the best of experiences, right? These procedures usually take forever and still give you a less than satisfactory answer in the end. Even when trying multiple sources at a time can be frustrating since they all can take forever to make a decision that should be decided in seconds instead of weeks.

Gladly, technology is bringing the ultimate solution for this recurring pain point. Starting early next year, things are going to change and a new opportunity will be created where you will be able to get instant financial approvals against your outstanding invoices. Using a simple process, you as a business connect your accounting data with PayPie and let the magic happen.

PayPie will analyze your relevant financial transactions and will assign the most accurate credit risk score for your business. This will enable you to radically change the performance of your business since your data will be automatically integrated and you won’t have to manually enter any data or invoice. The days of making mistakes and wasting time entering data in different platforms are over.

If you are one of the millions of businesses using online accounting software like QuickBooks Online, Sage, or Xero, you are in for an early treat. You will be among the first ones to harness technology to solve your cash flow problems.

We will integrate with all major accounting software so that we fit naturally into your workflow to become an app that you love and use on regular basis. PayPie will truly deliver end-to-end intuitive experience that is easy to use right from within your accounting software.

PPP token holders are creating efficiencies through technology and automation for you allowing you to focus 100% on your business so that you can take advantage of the countless business opportunities that unveil.

The liquidity provided can be used for further inventory purchase, equipment purchase, or just to hire a new employee to catapult your marketing efforts. We are here to help your business grow and ensure long-term success. With PayPie at the heart of your short-term liquidity needs, there is no better friend today.

Sign up for our short-list now and we’ll promptly inform you once we’re are ready to take live credit risk score of your business to the pool of worldwide lenders, first time ever powered by the blockchain: https://goo.gl/forms/sdDMx1ANQ532aN9I2

 

 

Image: GraphicStock