PayStand, the blockchain-based, B2B payments company reinventing commercial finance, today announced that it is partnering with Silicon Valley Bank and First Data in Class 8 of Commerce.Innovated., an accelerator program focused on growth and innovation in finance. According to PayStand, Commerce. Innovated is designed to help commerce, payments and fintech companies grow. It provides operational mentorship with a focus on improving consumer and business experiences to provide better, more secure transactions. While sharing more details about the partnership, Jeremy Almond, CEO and Founder of PayStand, stated:
“We are one step closer to realizing our vision for a more seamless, open commercial banking system. As an innovator and disruptor in the commercial payments space, teaming up with Silicon Valley Bank and First Data empowers us with access to their respective networks so we can explore additional growth opportunities. The ability to strategize and collaborate with these industry visionaries takes our platform to another level of credibility and visibility.”
PayStand also revealed its partnership in Commerce.Innovated., along with Silicon Valley Bank and First Data, further underscores the practical applications of blockchain technology and its potential to transform commercial banking. The commercial banking system has been tied to its core platforms and processes for decades, and has only recently begun to adopt modern technology and infrastructure that enable customers and partners to take advantage of blockchain and other innovative technologies redefining the banking ecosystem.
PayStand added that during the program it will explore new product and business opportunities by leveraging the operational expertise and networks of program mentor while building out its industry-leading billing and payments network.