Odoo, an open-source software firm, has partnered with CoreChain Technologies, a B2B payments network.
As part of this cooperation, CoreChain Technologies’ integrated B2B payments and finance will be added to Odoo’s open-source all-in-one company software and its network of 8 million users, the companies announced in a news release on Thursday.
“As one of the world’s most popular business management software solutions, Odoo sits at the crossroads of millions of B2B transactions — including both payments and lending — and now, in partnership with CoreChain, can offer a new source of value and revenue across its ecosystem,” said CoreChain Co-founder and CEO Chris Aguas in a statement. “It’s always exciting to see the democratization of B2B financial transactions in action.”
Odoo’s software is sold to small and medium-sized enterprises (SMBs) all around the world. According to the news announcement, it also has an ecosystem of 3,850 partners and 90,000 community members that work together with its software to provide a full range of integrated and scalable commercial solutions.
CoreChain’s white label solution, the most current innovation, allows any company, ERP system, bank, or payment network to accept B2B payments. CoreChain’s distributed ledger technology, according to the statement, provides a record for every transaction as well as visibility to both the consumer and the supplier.
CoreChain’s payments solution, according to the statement, also helps SMBs improve their cash flow by enabling them to fund accounts receivable (AR) kept in pending invoices.
While there is a growing buzz around integrated payments, and many B2C enterprises have successfully incorporated them into their online and mobile services, according to Odoo Partner Advisor Briand Kitchens, there has been a gap when it comes to B2B solutions.
“CoreChain is that solution, supplied as a white label service and built on blockchain to allow secure and efficient B2B payments,” Kitchens explained. “The Odoo community will benefit greatly from CoreChain’s embedded payments solution.”
According to studies, many firms are opting for a white-label strategy as they strive to establish totally digital B2B payment experiences and their banks battle to support such solutions.
