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A New Era Of Financial Services Reaches Enterprise Thanks To Blockchain

The modern financial system is characterized by layers of bureaucracy and fees that are ultimately borne by companies utilizing these facilities and services. Whether processing payments for suppliers, supporting trade finance activities, or even just handling common transactions, banks that have inserted themselves as transaction intermediaries have had little incentive to change their practices.

 

Although a changing regulatory framework has increased the pace of innovation, especially in places like Europe which has introduced PSD2 to help increase competition, many of these benefits have yet to trickle down to the businesses that regularly employ related services.  In fact, before the introduction of blockchain, the idea of near-instantaneous cross-border transactability was largely limited to credit cards.

Even as the pace of global business accelerates in tandem with technology, financial services continue to fall behind and remain sluggish by comparison. Resistant to change and oversight, the financial sector has long solidified its place in the modern business environment by being the sole provider of certain services that cannot be circumvented.  

Though the infrastructure in place may be robust after years of fine-tuning, reality dictates that these systems are simply obsolete.  The SWIFT system, for instance, was first introduced in 1973 to enable interbank messaging for payment orders via a safe and secure platform.  Decades later, it remains in place with few adjustments made to the overall structure.  Payments can still take several days and in some cases more than a week to be processed and settled by corresponding accounts.  Furthermore, the increasing frequency of hacks and high-profile thefts means that the system is facing greater threats than ever before.

Like most technology solutions, SWIFT was not meant to last forever. However, with little incentive to innovate, the system has grown more antiquated with each passing year. For businesses operating on a global scale, solutions that are easily integrated with a host of other business suites are becoming the norm.  Whether integrating CRMs with compliance and finance alongside marketing and analytics, the push for greater efficiency is an ever-present force in the enterprise space.  Tailored solutions are designed to cut overheads and reduce waste, but they are by no means comprehensive. Enter Cashaa, which intends to reconcile these disparate functions with one token—CAS.

Tokenization With Real World Application

Though many ICOs have been characterized as both lofty and impractical, Cashaa’s proof of concept and execution stand out amongst a crowded field of players seeking to revolutionize financial services. The increased push for greater transparency and process streamlining means that blockchain is perfectly suited for solving many enterprise pain points. For organizations stuck trying to figure out how to bridge the gaps between technologies, Cashaa delivers a holistic approach that encompasses all these needs in a straightforward package, with CAS tokens unlocking all this valuable utility.

The notion of greater integration is a defining characteristic of the company’s platform, which offers tools including corporate credit cards, advanced reporting tools, and even a suite of business services.  Apart from offering multi-currency support—which is great for companies with relationships that stretch across the globe—enterprises can now seamlessly incorporate cryptocurrencies including bitcoin and Ethereum into their payment configurations.  Furthermore, instant payment settlement is available for transactions made between Cashaa account holders. 

Acceptance of cryptocurrency will also form the basis for a built-in lending service that uses digital currency holdings as a source of collateral.  Instead of having to liquidate crypto holdings to satisfy short-term financing requirements, Cashaa enables business account holders to leverage their holdings at favorable terms for a range of borrowing periods, adding flexibility without having to rush to sell holdings that may appreciate over time.

Apart from adding new-age payment methodologies to the mix, traditional payments methods are also supported with the Cashaa platform, allowing for settlement across 120 supported countries at real-time exchange rates.  Enterprises that elect to open a Cashaa business account will also be able to take advantage of corporate card offerings.  Just like business accounts, these cards can support multiple currencies while empowering company management to constantly track team member expenses via the accompanying dashboard. Managers can set limits and even suspend use in the event of fraud or theft.

Most importantly, Cashaa understands that apart from multi-currency support, streamlining common processes like reporting and accounting are imperative for reducing enterprise overheads and wasted resources.  With integrations available for common third-party accounting suites along with a host of bookkeeping resources including payroll, payment, invoice and bill management functionalities, businesses can handle all their common administrative tasks from a single, intuitive platform.

Learn more about Cashaa Click Here

The Fully Digital Economy Arrives

With Cashaa already making a big splash in the blockchain ecosystem thanks to its value-added services model, the ease of switching between legacy financial systems to a fully compliant digital ecosystem has never been more straightforward.  Between the high degree of interoperability inherent in the platform alongside helpful integrations that cover common business processes, companies that are cautious about entering the blockchain ecosystem will discover that Cashaa has every angle covered.

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