Ethereum Blockchain-based business accounting platform, PayPie, is enabling trust and transparency with a unique “Credit Risk Assessment Score” for millions of businesses worldwide. This means that Paypie offers a faster, safer, and cheaper lending alternative to the current legacy systems employed by most of the banks, lenders and invoice factoring companies.
PayPie is early to develop a credit risk profile of a business that is constantly adjusted in real-time from live financial data that includes more than 150 data points. It does so with an inbuilt algorithm on the Ethereum Blockchain. The platform was built to make the financial information on small-medium businesses more accurate and transparent, allowing a better picture of a company’s financial health for credit risk assessment.
PayPie aims to change the way accounting is done by small and medium size businesses, as it leverages Blockchain to enable live financial audits, speed up credit approvals, and improve the overall credit scoring process.
With PayPie, companies simply write their transactions directly into a joint register on Blockchain to create interlocking system of accounting records. This data is then fed into PayPie’s algorithm, to obtain an objective score of a business’ credit health. This information can then be used by lenders, auditors, accountants, and insurance companies, etc. – potentially saving the financial players billions on overheads.
“Often a company’s financial situation is inaccurate, due to a lack of information and the fact that this information is usually outdated”, said PayPie CEO, serial entrepreneur, and member of the Forbes Technology Council, Nick Chandi. “But by harnessing technology – Blockchain in particular – we can avoid these issues and make the system fairer both for the businesses themselves, as well as those who wish to access the financial information.”
The improved accuracy of this information not only aids the aforementioned parties (lenders, auditors, accountants, insurance companies, etc.); it also helps small businesses secure funding thanks to a greater level of trust in these businesses. In the 2016 National Small Business Survey business owners revealed that lack of funding or insufficient cash flow was the number one obstacle holding back their growth. A greater level of financial accuracy should increase trust, reduce risk and thus mean more money is invested in businesses.
Currently PayPie is pioneering the field of accounting by offering a credit risk assessment based on the entire accounting history of businesses’ hashed on the Blockchain. Traditional accounting firms use outdated methods of manually trawling through old documents and reports.
“Replacing conventional methods used by accounting firms would not just increase the quality of the end result, it should also make the whole process more efficient from start to finish and save these firms a lot of money,” added Chandi.
PayPie aims to revolutionize the way credit risk assessment and accounting and done by small and medium size businesses. Founded by Nick Chandi, a serial entrepreneur and a member of the Forbes Technology Council, the company wants to bring trust and transparency to the financial markets by introducing the world’s first risk score assessment based on Blockchain accounting. Companies will write their transactions directly into a joint single ledger on Blockchain, thus creating an interlocking system of ensuring all-time historical accounting records. These decentralized records increase transparency and accuracy while saving investors money and helping small businesses secure better funding.