Crowdz is an innovative Fintech company tackling the future of business payments with a platform that simplifies B2B payments. We make sending, paying and selling invoices a lot easier for SMEs. The Crowdz InvoiceXchange, allows businesses to streamline transactions and get paid faster. Crowdz is on a mission to help small and mid-sized companies thrive by increasing cash flow. Simply put, we are changing the way businesses think about invoices.
The Crowdz InvoiceXchange enables the Uploading, Sending, Paying and Selling of invoices:
Uploading – Crowdz has the ability to upload any invoice in any format (manual entry, EDI, xml, .pdf, spreadsheet, picture from mobile app, etc.) and will digitize the invoice. Once the digital invoice is created or uploaded it will be stored in the dashboard and recorded on the blockchain as an immutable record.
Sending – The sending feature enables an uploaded invoice to be sent to any party either through the Crowdz platform if they are signed on, or through an email to an outside party. Invoices can be sent in any format that the party requests.
Paying – Crowdz’s payment gateway enables buyers, banks, or other financial institutions to pay invoices via any method of payment (ACH, SWIFT, Digital Check, etc) in any type of currency (RMB, Euro, Sterling, USD, etc.). Once the money is deposited in the platform, the payment gateway will allow buyers to pay multiple invoices without incurring any bank fees providing efficiency and cost savings.
Selling – Sellers can place their Invoices, regardless of terms (30, 60, 90 days +), on the InvoiceXchange and receive bids from banks, hedge funds, asset funds, factoring companies, or other financial institutions. Sellers will receive multiple bids and accept the most favorable offer.
SmartScore – Crowdz’s SmartScore is a 360˚ view of a buyer and seller. The SmartScore is comprised of two parts: 1) financial data is captured from both external credit and reporting agencies, as well as platform data that grows as more transactions are processed through the Crowdz platform; 2) operational data is also captured. Some of the categories for operational data include cost, quality and delivery of products as well as geopolitical risk factoring in location and government policies.
Small to Medium Enterprises (SMEs)
Crowdz can work in parallel with smaller accounting platforms to help small businesses manage and control their cashflow. Our cashflow management system allows for SMEs to see their available cash on hand as well as manage their days of sales outstanding (DSO).
We can also work with companies that have larger platforms or ERP systems to help digitize their invoicing operations and control cashflow. Crowdz can work with large enterprise customers who have suppliers and manufacturers in their supply chains. Our solution allows for these suppliers to leverage their receivables with the enterprise to digitize and manage their cashflow and improve invoice payment terms.
Crowdz utilizes Ethereum smart contracts to record invoices and supporting documents on the blockchain. This decentralized and immutable ledger allows for a higher level of security and auditability. Smart contracts enable 3 important functions: 1) storing and encryption of documents on the chain; 2) the creation of business rules around the documents; 3) the movement of money. Cryptocurrency will also be enabled in the future on the platform.