Paypie is about to bring about a revolution in the Financial Services Sector in order to streamline both Credit Scoring and Lending processes for Companies and Businesses using Blockchain Technology to enhance and radically improve the efficiency levels to increase productivity and make it easier to assess risk in all areas of business and finance. By PAYPIE boasting to be the very first risk assessment accounting platform, going first to market with this radical idea has major advantages in itself.
What does PAYPIE mainly plan to achieve? To put things in the most simple terms, PAYPIE wants to give both Business and Lenders the most accurate accounting data surrounding each business which is both ethicl and transparent. Being decentralized, PAYPIE can ensure that the information it disseminates about a particular company or business is correct and accurate to the Lenders, Banks and Investors that are interested in granting cash flow or capital to a company that requests it. In the traditional business world, companies can often give inaccurate accounting data to Lenders which in the end causes a lot of damage and bad debts accumulating, which is costly to all those involved over the long term. A decentralized platform takes away both the risks for internal corruption and a public audit per se gives a cleaner image for each company being scrutinized for the loan or funds. Paypie brings in ALL the information from a plethora of sources surrounding the company which needs to be scrutinized, making the job for Lenders and Investors to assess that com[any’s risk. By having this kind of accurate data, big financial crashes like the one that occurred in 2008 can be avoided in the future. Companies will also save a lot because as their profit and loss accounts and balance sheets will be digitized on the blockchain, they will save a lot in fees and expenses as their books, through a smart contract running on the blockchain, will be also easily accessed by auditors as well.
PAYPIE is using a three pronged approach to digitized accounting on a single decentralized ledger platform and will have these main characteristics:
1. RISK ASSESSMENT: Will be the core element to this project so that companies’ credit worthiness can be rated by Lenders, Banks and Investors.
2. REAL-TIME AUDITING: This will enable both the companies involved and the accountants and auditors to make sure accounting in real time is accurate and if any inaccuracies occur they can be found and updated accordingly.
3. INVOICE MARKETPLACE: This will be the meeting point where businesses meet lenders and invoice factoring can be enabled to give profits to Lenders and enable businesses to receive the much needed cash flow to enhance and improve their business output and operations.
PAYPIE all-in-one solutions will give this part of the Financial Service Sector a boost as it will improve data performance and also cut down on costs for all parties involved. This blockchain approach to accounting will bring asset management and business finance to the next level and ensure transparency through this digitized accounting ledger formatting.
THE PAYPIE TEAM AND LINK
The PAYPIE TEAM listed on the Website are all seasoned professionals in their respective fields and have light years of experience between them to bring this project to fruition and to set new standards in the Financial Services Space over the coming years.
Here are also more links and information for those who are interested in this new technological advancement and business model. More information covering the PAYPIE CROWDSALE will be brought to you in part 2 of my PAYPAIE review.