Enterprise Payments Technology Company WEX: 50% CFO expects the block chain to change the way accounts are operated next year


nnnRush when comment: Although Bitcoin and block chain is now well known, but in fact a lot of stakeholders on the understanding of the technology is not profound, just know the concept only. In this article, WEX combined with a recent payment survey to the chief financial officer in this regard to make up a lesson, to share some of the guiding significance of the views.n
nnTranslated by: Inan
nBitcoin and its support technology has been completed from the little known to the mainstream concept of the leap. In January 2009, the so-called “creation block” appeared, very few but very enthusiastic network money lovers crazy.n
nIn this eight and a half years, Bitcoin and its support technology block chain fame is growing. Maybe your grandmother did not even have his own wallet, but the financial services professionals knew Bitcoin.n
nWEX’s first annual Payments Pulse survey, a leading provider of payment solutions, shows that US chief financial officers are increasingly considering the problem of block chains because they are looking for more More innovative and streamlined payment technology.n
nReporters and Bob Sneed, senior vice president of WEX Corporate Payments, and Mo Brown, director of vendor support, explored changes in B2B payments to block-chain relationships.n
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nnGood news: 2/3 of the chief financial officer is very confident that they understand the block chainn
nnWhat is not that good news? Only six of the 500 chief financial officers were able to figure out the actual use of the chain. So they just know what the block chain is, but it is not clear what can be done with it.n
nWebster raised questions, is this too hype? Because there is now a tendency to toss the block chain as the ultimate payment solution.n
nBrown points out that part of it is definitely speculation because no one knows what the ultimate outlook for premium and block chains in paying for ecosystems. But he also said that this interest also shows a more important phenomenon that the global chief financial officer is seeking to fill the shortcomings of the business area, such as inefficient international payments.n
n”This is not just about paying, although buyers and suppliers want to pay for Hong Kong suppliers as simple as paying Wisconsin suppliers, but it also involves the transfer of information between buyers and suppliers.”n
nSneed also pointed out that this also relates to trust. While the CFO is increasingly aware that the block chain can be used to transfer funds and information, it does not necessarily mean that you already have the trust you need to use the technology.n
n”There is a lot of bits of money, but there is a lack of trust, and there is a need for a trustworthy infrastructure, and it is not important what form of digital block chain currency it needs to be internationally recognized and trusted.”n
nWebster says it can be anything, as long as it is not a bit currency.n
nBut trust and infrastructure construction takes time. This is why the second data may be somewhat optimistic.n
nn50% of the chief financial officer expects the chain chain to change the way accounts are operated next yearn
nnWebster pointed out that although most of the chief financial officer can not think of the practical application of the block chain, but they all believe that the block chain will quickly change their business.n
nSneed pointed out that taking into account the costs and costs associated with international payments, this expectation of enthusiasm is not surprising.n
n”It is not surprising that they are eager to change the structure of those payments, but I do not think these changes will take place in the next six to twelve months,” Sneed said.n
nBrown and Sneed point out that the question and its answer are very convincing in themselves because it shows that CFOs are eager to get their accounts out of the organization’s lagging capabilities and really start to improve efficiency and potentially create new ways to profit.n
nWebster suggested that this is a call to help solve the problems that the chief financial officer has not found in the existing program?n
nBrown tells Webster that it is really calling for action, although these actions may not be able to develop a common block solution for businessmen.n
n”Whenever the CFO looks at the fast entry into the market, it needs to be clear that its organization has a solid foundation to support these changes, and when they want to change accounts, as a solution provider, we need Prepare for the block chain, just as well as preparing for other new things.n
nThis leads to the last data, that is, the data that the customer is now trusting.n
nn39% of respondents expect to pay for suppliers to lead changen
nnBlock chains are one of the many innovations that suppliers can seek, and the challenge of choosing too much is less than the choice. Brown points out that this is why WEX is moving in the direction of consulting because it not only tells the partner what it is going to pay in the field, but also tells them what is worth studying and what is not worth it.n
n”Our job is to explore what is going to work, and sometimes it is up to you to understand what you are studying until you finish your research.”n
nHe pointed out that research often involves small batch tests and pilot projects, and then these concepts can be developed.n
n”We built our own system to be able to handle different payment methods. A few years ago, it was limited to checks, ACH and video cards.”n
nNow that these choices have increased, WEX provides the right foundation to add other payments in accordance with customer needs.n
nSneed told Webster that “it is important to be closer to the client, understand what they need, what to do, and then accelerate the delivery of solutions to the market.”n
nThe block chain may provide value as a solution, especially for those who are deeply troubled by the handling fee. But it will not happen soon, we all think that this process takes some time, because the international payment channel is not overnight can be formed.n
nn”Over time, I think you will see buyers and suppliers will unite to use the block chain to solve the problem.If they have developed useful things, I would like to come up with a building block chain vendor network discussion.”n
nnWEX said, but the focus is not on the rapid development of the program, but rather to become a trusted participant in the supplier network is really ready to go online when the block into the chain.n
nSo even the chief financial officer now does not know how he wants to use the block chain. But the good news is that they have more than a year to consider, and there are many other infrastructure to build.n

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