SharedLABS, Inc. (“SharedLABS”), a global software and technology services company focused on delivering digital transformation, has entered into an agreement to help their new client, a global payments technology company, reimagine how companies and individuals make and receive payments to vendors, employees, and sub-contractors, by creating a digital disbursement solution that leverages new hyper ledger technologies in a new way which can dramatically transform operations, customer satisfaction, and cash disbursement, while eliminating billing errors and accelerating payment time.
Across industries and geographies, the growth of the “gig economy” has brought with it the introduction of countless new methods to make or receive a payment, while adding significant cost and friction to the B2C disbursement process, frustrating workers, vendors, and customers, while tying up cash in accounts receivable, delaying payments, and increasing costs. SharedLABS has been selected by a new client to create a solution which optimizes its deep expertise in payments and technology with hundreds of large multinational enterprises – and incorporates SharedLABS’ own Solutions Suite which consists of Proven Register, allowing various internal and external stakeholders to easily and transparently share data among any number of systems, in an intrinsically secure, mobile-first model, making it infinitely scalable.
This solution offers a nified Payments Platform which extends numerous alternative payment mechanisms for funding consumer recipients, as well as a single integration point, which unlocks multiple funding options and allows its customers to connect via batch file load, web-based applications and API while delivering payments via multiple methods including same day ACH, Cash, PayPal, Push to Debit, Open and Closed Stored Value Cards. The platform has built-in 1099 IRS compliance for reporting and filing, and a sophisticated rules engine for corporations to manage how, when and under what conditions recipients get paid. The platform’s disruptive approach to payments has the potential to dramatically enhance cash flow performance, reduce revenue leakage from disputes, and lower costs.
“Industry disruption is making cycle times for payments irrelevant. The companies who harness the power of digital technologies to transform processes, improve billing and payments quality while reducing latency, and improve security with better accuracy and visibility, will be the frontrunners in platform selection,” said Jason Cory, SharedLABS CEO. “SharedLABS’ domain expertise in Payments, FinTech, and emerging technologies – coupled with our proven capabilities developing digital solutions for banking and technology organizations – gives us valuable insights that help CFOs and their teams improve cash flow, operating profits, and customer experiences at an accelerated pace and in a predictable manner.” John Andrews, SharedLABS COO, while speaking about the project,said, “Our experience in creating software products, for software companies using our ESP™ methodology, made us a frontrunner in the highly competitive process our client used to select the successful partner.”
While initially conceptualized to support payments chain of provenance for asset management, SharedLABS is working to extend its hyper ledger and proven register solution’s massively scalable platform to bring transformational value across to Payments, Banking, Retail, Government, Transportation and Logistics, Technology and Telecommunications organizations. As part of its strategy to drive both digitally enabled innovation for its clients, SharedLABS leverages its ESP™ approach, which models plans from concept to cashflow by combining technology and design thinking methodologies, leading digital technology and analytics, and deep domain and vertical expertise to develop solutions which generate significant business impact to help its clients create sustainable competitive advantage.