CoreChain Technologies, the first B2B payments network built on blockchain, announced that it has partnered with Odoo, a leader in open-source all-in-one business software, to provide embedded B2B payments and financing for Odoo’s ecosystem of eight million users.
The CoreChain platform is a white-label solution that allows any company, ERP, bank, or payment network, to utilise embedded B2B payments. CoreChain’s distributed ledger technology provides a tamper-proof record for every buyer-supplier transaction and an immutable source of truth for transactions with perfect visibility to both parties.
CoreChain’s payments solution also unlocks opportunities to finance accounts receivable held in unpaid invoices that age toward settlement due dates, frequently 30 to 120 days in arrears. This enables small businesses to improve cash flow. Instead of relying on a traditional bank loan, suppliers can align with their customers to tap into new lines of credit.
“There’s a growing buzz around embedded payments,” said Briand Kitchens, Partner Advisor at Odoo. “However, while many B2C businesses have successfully embedded payments into their online and mobile offerings to increase revenues, boost customer loyalty and gain deeper customer insights, there’s been a void for those seeking better B2B solutions. CoreChain is that solution, offered as a white label service and built using blockchain to facilitate secure and efficient B2B payments. CoreChain’s embedded payments technology will bring tremendous value to the Odoo community.”
With 3,850 partners and 90,000 community members working with its software, Odoo has built a robust global ecosystem. The Company also has one of the biggest business app stores in the world, with more than 30,000 apps, and operates international offices in Belgium, Luxembourg, the USA, India, Mexico, Hong Kong, and Dubai.
“As one of the most popular business management software solutions in the world, Odoo sits at the nexus of millions of B2B transactions – including both payments and lending – and now in partnership with CoreChain, can offer a new source of value and revenue across its ecosystem,” said Chris Aguas, Co-Founder, and CEO of CoreChain. “It’s always exciting to see the democratization of B2B financial transactions in action.”