JCB and Paystand sign an MOU for building a new B2B payment solution for small and mid-sized Japanese enterprises
Scotts Valley, CA & Tokyo, Dec 20, 2019 - (ACN Newswire) - JCB Co., Ltd., a major global payment brand and a leading payment card issuer
and acquirer in Japan, has signed a memorandum of understanding for building a new B2B payment solution for small and
mid-sized enterprises in Japan with Paystand Inc, a California-based, fintech provider of commercial payments
infrastructure.
- How does the Paystand platform work?
Paystand provides a SaaS-based B2B payment platform for businesses. The Paystand platform connects suppliers and payers
through a frictionless payment network that speeds up time to cash, automates manual processing, and mitigates risk of
fraud. Suppliers also benefit from Paystand's zero-fee, predictable, subscription cost structure that reduces
transaction costs and improves forecasting and margins. The Paystand platform gives payers the ease of instantaneous
bank to bank transfers with real-time fund verification, but also supports more traditional payment methods, including
credit and debit cards and ACH. Paystand integrates seamlessly into ERP systems such as Oracle Netsuite and extends
payment automation technology directly into those Systems of Record. Today, more than 150,000 businesses use Paystand
every day for their most critical B2B payments.
- Collaboration with Paystand & benefits to JCB's enterprise customers
JCB and Paystand seek to deliver a fully automated and digitalized B2B payment solution in the Japan market. With
regards to the introduction of a new consumption tax rate in Japan, the Qualified Invoicing System will be also launched
effective 1 October 2023. By this new rule, Japanese enterprises as taxpayers are required to include more detailed
information including registration numbers and applicable tax rates in their invoices and books in order to become
eligible for crediting of input consumer tax. JCB and Paystand consider the new payment solution will help Japanese
enterprises to comply with such stricter requirements and drive more digitalization and cashless payment in the B2B
payment market.
About Paystand
Paystand is one of the fastest growing commercial payment platforms for mid-size and enterprise companies. Through its
Payments-as-a-Service model and blockchain-based technology, Paystand helps businesses digitize and automate the entire
cash cycle. Today, companies use Paystand's to drive greater capital efficiency, streamline back-office operations, and
enable best-in-class payment experiences. Paystand has been consistently recognized as one of the top innovators in
enterprise financial services and is backed by Blue Run Ventures, Cervin Ventures, and LEAP Global Ventures. The company
operates in the United States, Canada, and Mexico, and is expanding strategically to Europe, and Asian markets including
Japan. For more information: https://www.paystand.com/.
(1) Name: Paystand Inc
(2) Location: 1800 Green Hills Road, Suite 110, Scotts Valley, CA 95066
(3) Position and name of representative: CEO and Co-Founder Jeremy Almond
(4) Description of business: Blockchain-based B2B billing and payments service
(5) Established: 1 March 2013
(6) Home page: https://www.paystand.com/
About JCB
JCB is a major global payment brand and a leading payment card issuer and acquirer in Japan. JCB launched its card
business in Japan in 1961 and began expanding worldwide in 1981. As part of its international growth strategy, JCB has
formed alliances with hundreds of leading banks and financial institutions globally to increase merchant coverage and
cardmember base. As a comprehensive payment solution provider, JCB commits to provide responsive and high-quality
service and products to all customers worldwide. For more information:www.global.jcb/en.
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