Request Finance, A Crypto Finance Management Platform, is Reimagining B2B payments.
According to a survey by Chainalysis, crypto adoption increased by 880 per cent in 2021 and is only expected to increase. Crypto’s broad adoption has become a question of “when” rather than “if.” Businesses are a critical component in the adoption of any new technology, just as they were in the early days of the internet or computers. However, given the industry’s rapid expansion, particularly in DeFi, a smooth experience for businesses to handle their invoicing, accounting, and other financial activities in crypto has been long overdue.
Enter Request Finance, a crypto finance management platform, is poised to transform the course of B2B crypto payments by streamlining financial operations for crypto enterprises, who frequently manage teams of freelancers working remotely all over the world. Its goal is to assist in the development of a future financial system in which crypto assets become the standard in our economies.
Accounting is a business’s lifeblood. Maintaining meticulous records of pay slips, bills, invoices, and records is essential for keeping a frequent check on cash flow, reducing unnecessary expenses, and keeping track of all impending and pending payments.
Request Finance, a project of Request Labs, is developing an integrated suite of financial tools that will eventually allow traditional businesses, individuals, decentralised autonomous organisations (DAOs), metaverse projects, freelancers, and other upcoming crypto-native organisations to manage salaries, pay suppliers, and more with crypto assets.
A Look into Request Finance – Its History and Future
Request Finance was created in January 2021 with the purpose of revolutionising financial operations for businesses in a future decentralised economy. Request Finance has been developing technologies based on the Request Protocol to make it easier for businesses and individuals to send and pay bitcoin invoices since its start.
The platform allows users to keep track of their cryptocurrency transactions as well as manage payments, bills, and wages in a non-custodial manner while maintaining a consistent user experience. The initiative intends to provide products that are devoid of security hazards, allow for compliance with tax and accounting requirements, and are as user-friendly and straightforward as feasible.
The network claims to have over 1000+ firms as users, including significant blockchain projects like AAVE, The Sandbox, Paraswap, and MakerDAO.
Crypto Invoicing, Expenses, and Payroll, as well as Accounting, are some of Crypto Request Finance’s core components.
Users that use crypto invoicing have access to a simple, visual dashboard that shows the current status of all bills and allows them to pay hundreds of bitcoin invoices with just a few clicks. It’s also compatible with a variety of accounting software, including Xero and Quickbooks, and automates the generation, scheduling, and settlement of crypto invoices, making bookkeeping easier. Apart from the network cost, the payer is charged 0.1 per cent of all transactions with a maximum of USD 2 per transaction.
The payment system used by Request Finance is compatible with a number of popular cryptocurrency wallets, including MetaMask, Fortmatic, and other wallets that use WalletConnect, such as multi-signature wallets like Gnosis Safe. Additionally, the app’s unique features, such as real-time status updates, payer reputation, and escrow, ensure that users have a safe and stress-free experience.
Through Request’s platform, users can manage and track the status of invoices issued, schedule invoices, highlight late and unpaid invoices, and influence the payer’s reputational score. Because the platform is on-chain, it also includes automatic verification of on-chain invoice payments, removing the administrative burden of sending follow-up emails.
Crypto payroll software, which is still in beta, is another financial tool offered by Request. Users will be able to automate payroll management in cryptocurrency with this tool. With the click of a button, users may generate legal payslips and pay them in cryptocurrency. The payroll solution is designed to facilitate a smooth employer-employee interaction, with an increasing number of blockchain companies and DAOs remunerating their partners and staff in tokens and crypto assets. This has the potential to ensure that firms have good labour and HR interactions.
Additionally, Request Expenses is a cost management application that employers can use to track employee expenses, reimburse them, and pay them in cryptocurrency. While it is still under beta testing, the team has been using it for some time and it is expected to deploy in the next quarter. Users who want to try out the feature sooner can sign up for their beta programme.
Users can also connect Request to accounting software like Xero or Quickbooks, allowing them to reconcile all crypto transactions with their general ledger for easy bookkeeping. Request hopes to improve accounting efficiency while also lowering the time and personnel costs associated with managing crypto payments for businesses.
What Does the Future Hold for Request Finance?
The use of cryptocurrency and digital assets in organizations will only increase as more businesses embrace blockchain and Web3. Request Finance aims to fulfil the needs of more crypto-native enterprises and their remote-first workforce by making managing crypto-financial operations simple and straightforward. Businesses can automate auditing, salary and loan requests, payroll, and costs, among other things, with Request. Request Finance’s ultimate goal is to become a central hub for all enterprise crypto-financial processes, eliminating the clumsy interfaces that are all too frequent in Web 3.0 today.