Crypto Finance Management Platform Request Finance Reimagines B2B Payments
March 10 2022 - 12:42AM
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A study from Chainalysis shows crypto adoption has risen by 880% in
2021, and it is only set to grow further. The mass adoption of
crypto has become a matter of “when” and not “if”. Just as with the
early days of the internet, or computers, businesses are a
particularly important constituent in the adoption of any new
technology. However, with the tremendous growth rate that the
industry is witnessing, particularly with DeFi, a seamless
experience for businesses to do their invoicing, accounting, and
other financial operations in crypto is long overdue. Enter Request
Finance, a crypto finance management platform that is set to change
the course of B2B crypto payments by simplifying financial
operations for crypto companies, often managing teams of
freelancers working remotely around the world. Its vision is to
support a future financial system where crypto assets become a norm
in our economies. Accounting is the lifeblood of businesses.
Preserving and managing meticulous records of payslips, bills,
invoices and records are crucial to keeping a regular check of cash
flow, cutting down on redundant expenses, and keeping tabs on all
upcoming and pending payments. Request Finance, from Request Labs,
is building an integrated suite of financial tools eventually to
help traditional businesses, individuals, decentralized autonomous
organizations (DAOs), metaverse projects, freelancers, and other
upcoming crypto-native organizations to easily work with crypto
assets to manage salaries, pay suppliers, and more. A Peek into
Request Finance — Origin and Vision Request Finance was formally
launched at the beginning of 2021 with the goal of transforming
financial operations for enterprises in a new decentralized
economy. Since its inception, Request Finance has been building
tools using the Request Protocol to enable businesses and
individuals alike to send and pay invoices for cryptocurrencies
with ease. The platform lets users track their crypto transactions,
and manage payments, expenses, and payroll in a non-custodial
manner while ensuring a seamless user experience. The venture aims
to deliver products that are free from security threats, enable
compliance with tax and accounting regulations, and make them as
user-friendly and simple as possible. The platform is said to have
acquired a user base of over 1000+ businesses including major
blockchain projects such as AAVE, The Sandbox, Paraswap, and
MakerDAO. Fixing Financial Operations in Crypto Request Finance’s
core products include Crypto Invoicing, Expenses, and Payroll, and
Accounting. With crypto invoicing, users have access to a clean,
visual dashboard displaying the current status of all invoices,
allowing them to pay hundreds of crypto invoices with a few clicks.
It is also compatible with a range of accounting tools like Xero
and Quickbooks, and simplifies bookkeeping by automating the
generation, scheduling, and settlement of crypto invoices. The
payer is charged 0.1% on all transactions with a ceiling of USD 2
per transaction besides the network fee. Request Finance’s payment
mechanism is compatible with several popular cryptocurrency
wallets, including MetaMask, Fortmatic, and other wallets that
support WalletConnect, including multi-signature wallets like
Gnosis Safe. Further, the app’s distinguishing features, such as
real-time status updates, payer reputation, and escrow ensure that
users enjoy a secure and anxiety-free experience. Users can manage
and track the status of invoices issued through Request’s platform,
schedule invoices, highlight delayed and unpaid invoices, and
influence the payer’s reputational score. Being on-chain, the
platform also features automatic verification of on-chain invoice
payments thereby eliminating the administrative hassle of sending
follow-up emails. Another financial tool that Request offers is
crypto payroll software, which is currently in beta. This tool will
allow users to automate payroll management in cryptocurrency. Users
can generate compliant payslips and pay them in crypto with the
click of a button. With an increasing number of blockchain ventures
and DAOs remunerating their partners and employees in tokens and
crypto assets, the payroll offering is set to enable a smooth
employer-employee relationship. This also has the potential of
ensuring proper labor and HR relations in organizations. Moreover,
Request Expenses is an expense management tool that can be used by
businesses to manage employees’ expenses, reimbursements and pay
them in crypto. While it is currently in the beta testing stage, it
has already been used by the team for some time, and is set to
launch in the next quarter. Users that would like to test the
feature sooner can enroll in their beta program. Users can also
connect Request to accounting software like Xero or Quickbooks and
reconcile all transactions in crypto with their general ledger for
easy bookkeeping. With this, Request seeks to increase accounting
efficiency and reduce the time and labor cost involved in managing
crypto payments for businesses. What Lies Ahead for Request
Finance? As more businesses foray into blockchain and Web3, the use
of cryptocurrency and digital assets in enterprises will only grow.
Request Finance aspires to meet the needs of increasingly
crypto-native businesses and their remote-first workforce by making
it simple and easy to manage their crypto-financial operations.
With Request, businesses can automate auditing, salary and loan
requests, payroll, and expenses among others. The end goal of
Request Finance is to become a hub for all enterprise
crypto-financial operations and overcome the clunky interfaces all
too common in Web 3.0 today.
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