UNBIAS for banks
Correcting wrongfully executed payments is a cumbersome and tedious process. An estimated 5% of the times when payment details are updated, the invoice is not settled to the right party. This problem particularly arises when invoices are factored. As use of factoring by businesses continues to increase throughout Europe, this problem is likely to increase in the future.
UNBIAS introduces payment routing to settle invoices. Buyers settle invoices by paying to a seemingly normal bank account. Based on a smart contract created in UNBIAS, payment is then directly routed to the bank account of the seller or factor.
UNBIAS registers to whom payment of an invoice is due. Using this information, payment is routed from the buyer to the right party. Depending on whether an invoice has been factored, this is either the seller or a factor. Using UNBIAS payments are always executed correctly and cumbersome payment corrections are prevented.
How to join UNBIAS