The Japanese payment system JCB started a blockchain platform for B2B-payments

At the end of December, 2019 the Japanese payment system JCB signed the partnership agreement with the American firm Paystand for creation of the platform of B2B-payments on the basis of a blockchain. The solution should become a basis of a corporate payment system for the small and medium enterprises in Japan and for 130 million clients of JCB.

In 2023 in Japan the new system of tax declarations according to which tax benefits can be saved by complete transition to digital solutions will be started. Besides, corporations will have to provide detailed information on all money transfers, such as registration number, details of purchase and applicable tax rates. JCB and Paystand just work on the solution which will allow to simplify accounting of payments, acting at the same time as the reliable supplier of data. The project will save all cash transactions between clients of JCB in Paystand blockchain.

JCB signed the partnership agreement with the American firm Paystand for creation of the platform of B2B-payments on the basis of a blockchain

New the blockchain system gives opportunities of intellectual payments which can start payments in certain time, verify authenticity of receipts and provide the safe, checked records. The company also provides notarial services of a blockchain which allow to check any event within a system.

Problems which the B2B-companies around the world face are similar: all these firms are encumbered with outdated payment infrastructure — the CEO of Paystand Jeremy Almond explained. — Our project is one more certificate that easy, safe and reliable ways of carrying out payments using digital technologies are required for the enterprises from any industry.

In the press release it is specified that the amount of the Japanese market of payments is estimated approximately at $10 trillion a year.^[1]

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