By introducing the world’s first Ethereum-powered credit risk assessment based on decentralized accounting, PayPie hopes to bring ultimate trust and transparency to the financial market
Vancouver, Canada, September 2017 – Accounting-tech company PayPie today introduces its decentralized, blockchain-powered accounting platform. 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company’s financial situation is inaccurate, due to a lack of information and the fact that this information is usually outdated”, said PayPie CEO, serial entrepreneur, and member of the Forbes Technology Council, Nick Chandi.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 Traditional accounting firms use outdated methods of manually trawling through old documents and reports.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 accounting is done by small and medium size businesses. Founded by Nick Chandi – a serial entrepreneur and a member of the Forbes Technology Council – its aim is to bring ultimate trust and transparency to the financial markets by introducing the world’s first credit risk assessment based on blockchain accounting. The platform brings ultimate trust and transparency to the financial markets by introducing the world’s first credit risk assessment based on blockchain accounting. The platform solves the problems of fraud and inconsistencies which exist in isolated accounting systems by allowing for real-time audit and analysis of financial statements on the blockchain. This analysis will be done using a decentralized single ledger approach and will consider the all-time historical accounting information of participating businesses to empower and transform the way credit risk is assessed by lenders, investors, banks and other financial institutions. All inputs will be bound to the blockchain in a triple entry accounting structure, which will secure the entire transaction- checking process generating reliable and unbiased data.