Can blockchain stop small-biz invoice double dipping?

Small-business projects in India and Latin America will provide a test of how well an open source blockchain can reduce the fraud that can occur when businesses try to free up capital from outstanding payments.

R3 will support MonetaGo’s fraud mitigation network, including the next deployment in Latin America with six banks at launch, and an existing network in India that will port over from Hyperledger.

The New York-based MonetaGo does not directly process payments, but handles data reconciliation across multiple parties. One of its functions is to combat fraud in receivables or invoice financing. Businesses receive a portion unpaid invoices from a bank that later collects the outstanding payment.

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This market is adding automation to create an easier user experience that resembles consumer billing. That can attract more businesses, but it also adds fraud risk as some small businesses may repeat the process with multiple banks in a decentralized network, or double financing.

In concept, a distributed ledger such as a blockchain would be a natural fit to solve this problem. Payments involving complex workflows between competing institutions often create limitations to the possible interactions between parties that can be smoothed over by the collaboration with Corda.

“Any shared information is almost always funneled through third-parties such as payment gateways and until now this prevented higher functionality such as the digitization of workflows,” said Jesse Chenard, CEO of MonetaGo.

The first network deployed in India has the potential to impact all of the micro, small, and medium enterprises in the country, which has approximately 70 million businesses, according to Business Today in India.

“For invoice financing alone, this is already hundreds of billions of dollars,” Chenard said.

In India, where the first MonetaGo network was deployed, there are three government licensed exchanges: RXIL, A.TReDS, and M1xhange. These exchanges provide marketplaces for businesses to obtain financing on their invoices. These platforms count some of the biggest Indian banks and a number of foreign banks as funding sources, Chenard said.

“Importantly, because it is a blockchain network, it is not controlled by any single entity or third party capable of being manipulated, controlled, or otherwise influenced,” he said.

MonetaGo deployed its first blockchain in India in 2018. Chenard said data is shared on R3 Corda in a manner which is distinct from Hyperledger Fabric in that only the parties to transactions are able to obtain it.

“In Hyperledger Fabric, we currently achieve this by using hashing functions, however this has implications for the long term scalability. By its very architecture, Corda does not face the same constraint,” he said, adding some of largest institutions in the financial services space have now chosen R3’s Corda, removing potential friction.

Hyperledger did not return a request for comment. One of the potential hurdles for blockchain is cooperation among participants. It’s that very nature of propriety that lends itself of double financing since banks are reluctant to share information.

The expanding bank participation in Corda will boost cooperation, Chenard said. Among potential partners for Corda are trade finance solutions such as Voltron and Marco Polo, as well as banks such as BNP Paribas, NatWest, HSBC, and Standard Chartered, Chenard said. ING also recently signed on for an unlimited number of Corda nodes, and Swift recently announced it is testing GPI payments through Corda.

What will help MonetaGo succeed is a secure infrastructure that makes it easy for financial institutions to send data to be analyzed and a machine learning platform that produces the best possible fraud analytics across multiple fraud vectors, said Tim Sloane, vice president of Mercator.

“From this perspective, MonetaGo should deliver to financial institutions any APIs they need over any communications channel the financial institution already has in place, which may indeed be R3 for some but certainly not all,” Sloane said.

It is still the early days of blockchain and this is a niche application, said Al Pascual, a senior vice president of research at Javelin, adding there are multitude of vendors in the ecosystem that support network intelligence on fraud threats.

“The blockchain is another way to skin the cat, but more than anything it seems to open the door to more vendors rather than necessarily offering greater value,” Pascual said.

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ShareFile Invoice Billing Notification Sent on 2/21/17

NOTE: Fees for extra services or features, such as additional employee licenses, will be billed at the time of the order. You will initially be charged a prorated amount for the upgrade based on the number of days left until your regular billing date. Subsequently, you will be billed for all subscription charges on the normal billing date for your account. If you choose to cancel the extra features after your card has been billed for the month, you will not be reimbursed for the days you did not use the features. If you believe ShareFile has billed you incorrectly, you must contact ShareFile no later than 60 days after the closing date on the first billing statement in which the error or problem appeared, in order to receive an adjustment or credit. Inquiries should be directed via phone or email at sharefile.com/support

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How to complete and submit a Vendor Credit Card form

To obtain the required credit card form, go to: https://www.sharefile.com/support/request.

The credit card form is not available on this page – it can only be obtained from ShareFile Customer Support.

Once you have downloaded the form from the secure link sent to you by a customer support representative, open it on your computer and complete all necessary fields. Save your updated form.

Note: Citrix Account Number

The “Citrix Account Number” required on the credit card form is the “Sold to Customer No.” in the Information Details section of your Invoice.

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Once the form is complete, please use the link at the bottom of the form to access a secure upload page.

Uploading the Credit Card Form

1. You will be prompted for your first name, last name, company name, email address, last four digits of the credit card being used, and the invoice amount.

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2. Next, upload the credit card form. Click the Choose File button and select the Invoice file from its location on your computer.

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3. Once you have added your file, click the Upload Files button to begin the upload. Upload time may vary depending on the speed of your internet connection.

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4. When the upload is complete, you will receive a confirmation message as well as a confirmation email to the address you provided in the information fields presented earlier in these steps.

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ShareFile Invoice Billing May 2018 Updates

NOTE:

ShareFile is partnering with Citrix’s financial services team to improve the Invoice Billing experience for customers of ShareFile, RightSignature, ShareConnect, ShareFile Legal, and Podio. You may notice a few differences on your next invoice. For a summary of changes and improvements being made, refer to the information below. If you have any questions about your bill, click here to reach out to us!

These changes will impact all ShareFile customers that utilize invoice billing.


Article Contents (click a link to skip to that section)

Invoice Payment Information

Your invoice now includes a “Remit Payment To” section with all required information listed for your region. Check your invoice for the most up-to-date Remit details. Example screenshots are shown below:

Americas

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Asia Pacific (excluding Japan)

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Europe

Currency EUR

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Currency GBP

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Currency USD

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Japan

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Pay Invoice by Credit Card (invoice #’s beginning with 4)

Customers that need to pay an invoice via credit card must contact Accounts Receivable at Ask-SharefileAR@citrix.com to change to credit card billing to process the charge. At this time, customers in Japan cannot pay invoices by Credit Card.

Invoice Notifications and Due Dates

Customers that utilize invoice billing should pay close attention to their invoice due date:

Updated W-9 Tax Form (US only)

Click here to download the Citrix W-9 Tax Form. This can also be found on the Citrix Legal page.

Additional Billing Recipients

In the ShareFile web application, you can add additional recipients for billing notifications. Click here for instructions on how to do so.

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Common Questions Related to Billing

This article answers some common questions related to Billing matters.

Contents (click a link to skip to that section)


Invoice Billing Notification Sent on 2/21/17

If you are an Administrator user on a ShareFile account utilizing Invoice billing, you may have received an email from reply@sharefile.com about upcoming improvements to the Invoice billing experience.

Click here to view an article discussing those improvements in greater detail.

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NOTE: Fees for extra services or features, such as additional employee licenses, will be billed at the time of the order. You will initially be charged a prorated amount for the upgrade based on the number of days left until your regular billing date. Subsequently, you will be billed for all subscription charges on the normal billing date for your account. If you choose to cancel the extra features after your card has been billed for the month, you will not be reimbursed for the days you did not use the features. If you believe ShareFile has billed you incorrectly, you must contact ShareFile no later than 60 days after the closing date on the first billing statement in which the error or problem appeared, in order to receive an adjustment or credit. Inquiries should be directed via phone or email at sharefile.com/support

Modify a Billing Plan

ShareFile offers invoice billing to accounts on annual billing cycles. Monthly, quarterly and annual cycles are available.

To change your billing plan, access Admin Settings > Billing > Request Plan Changes (users that have not been updated to the New ShareFile can do so using the Admin link in the navigation bar, then selecting Edit Request Plan Changes in the sidebar.)

If you wish to switch to invoice billing, please contact ShareFile Support. Only employee users with the request plan changes permission can alter your billing plan.

View or Print Receipts and Billing Notifications

To view or print receipts or sign up for Billing Notifications, access Admin Settings > Billing > Receipts and Billing Notifications (users that have not been updated to the New ShareFile can do so using the Admin link in the navigation bar, then selecting View/Print Receipts in the sidebar.)

This link will only be available after your first billing and can only be accessed by employee users who have the “View Billing Receipts” and “Access Account-wide Reporting” permissions. This section will store all receipts for the entire length of your account.

There is an option to receive an email notification every time your account is billed and you can turn it on by selecting the checkbox for Send email notification when my account is billed. Select the checkbox and then click Add additional recipients to add a user that will receive Billing notifications.

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Bandwidth

Bandwidth is a measure of the total data transfer activity on an account. Every time a file is uploaded or downloaded using your ShareFile account, bandwidth is used. Bandwidth is recorded on your account for any downloads, both complete or incomplete. Uploads count toward your bandwidth if they have been completed. Bandwidth resets to zero on the first of every month. Bandwidth and Storage can be checked in the Admin section of your ShareFile account.

If you exceed your monthly bandwidth, you will be charged a small overage fee to cover the amount of bandwidth used. When you reach 80% of your bandwidth limit for the month, a notification email is sent to the billing contact on your account warning that you are approaching your bandwidth limit. Another notification is sent when you reach 100% of your account’s bandwidth limit. If you exceed your bandwidth limit for the month, your account will continue to function and employees/clients will still be able to upload/download files without interruption. At the end of the month, your bandwidth overage will be totaled and you will be charged a per megabyte usage fee. Please note that the fee is dependent on your plan level. You can also purchase additional bandwidth on your plan, which is more cost-effective than the overage fee. You can purchase additional gigabytes of bandwidth to your account by accessing Admin Settings > Billing > Request Plan Changes.

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How to Modify ShareFile Account Billing Cycle

ShareFile offers invoice billing to accounts on annual billing cycles. Monthly, quarterly and annual cycles are available.

To change your billing plan, access Admin Settings > Billing > Request Plan Changes (users that have not been updated to the New ShareFile can do so using the Admin link in the navigation bar, then selecting Edit Request Plan Changes in the sidebar.)

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If you wish to switch to invoice billing, please contact ShareFile Support. Only employee users with the request plan changes permission can alter your billing plan.

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How to Modify ShareFile Account Plan

Important! Only account administrators or users with the request plan changes permission may modify your account’s plan.If you are a ShareFile customer or a ShareConnect customer utilizing a Team Plan, you can change your ShareFile plan type, billing cycle and licenses under Admin Settings > Billing > Request Plan Changes

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    Adjust your plan, billing cycle, and license amount as needed. Your billing estimate will be indicated at the bottom of the screen. You may also enter your billing information in this menu if converting from a trial to a paid account. Click here for a detailed list of ShareFile plan types and the features available to each.

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    Once you have requested a plan change, ShareFile support will review your request and email the billing contact on the account a confirmation of the changes. Fees for extra services or features, such as additional employee licenses, will be billed at the time of the order. You will initially be charged a prorated amount for the upgrade based on the number of days left until your regular billing date. Subsequently, you will be billed for all subscription charges on the normal billing date for your account. If you choose to cancel the extra features after your card has been billed for the month, you will not be reimbursed for the days you did not use the features.

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Common Questions Related to Billing FAQs

This article answers some common questions related to Billing matters.

Contents (click a link to skip to that section)


Invoice Billing Notification Sent on 2/21/17

If you are an Administrator user on a ShareFile account utilizing Invoice billing, you may have received an email from reply@sharefile.com about upcoming improvements to the Invoice billing experience.

Click here to view an article discussing those improvements in greater detail.

User-added image


When Does Billing Occur?

Billing cycles vary by country, please reference your location below for specific billing information:

For Customers Located Outside of the UK & Germany:

Billing cycles for locations outside the UK and Germany will start on the 1st of the month. ShareFile will prorate your first charge based on the number of days left in the current month and your billing cycle. All subsequent charges will be billed on the 1st of the month based on your billing cycle. In the event of account cancellation, you will not be billed further.

Fees for extra services or features, such as additional employee licenses, will be billed at the time of the order. You will initially be charged a prorated amount for the upgrade based on the number of days left until your regular billing date. Subsequently, you will be billed for all subscription charges on the normal billing date for your account. If you choose to cancel the extra features after your card has been billed for the month, you will not be reimbursed for the days you did not use the features. If you believe ShareFile has billed you incorrectly, you must contact ShareFile no later than 60 days after the closing date on the first billing statement in which the error or problem appeared, in order to receive an adjustment or credit. Inquiries should be directed via phone or email at support@sharefile.com

For Customers Located in the UK and Germany

All billing cycles will start on the day of your order and you will continue to be billed on this same day each month on an ongoing basis. If a month is shorter in duration than your typical billing date, your account will be billed on the final day of that month. In the event of account cancellation, your account will continue to be active through the final day of your current billing cycle and you will continue to have service through this date. Your subscription will not renew following the end of your current billing cycle.

Fees for extra services or features, such as additional employee licenses, will be billed at the time of the order. You will initially be charged a prorated amount for the upgrade based on the number of days left until your regular billing date. Subsequently, you will be billed for all subscription charges on the normal billing date for your account. If you choose to cancel the extra features after your card has been billed for the month, you will not be reimbursed for the days you did not use the features. If you believe ShareFile has billed you incorrectly, you must contact ShareFile no later than 60 days after the closing date on the first billing statement in which the error or problem appeared, in order to receive an adjustment or credit. Inquiries should be directed via phone or email at support@sharefile.com

Change Credit Card Information

Account administrators or an Employee user with the “Edit Billing Information” permission can modify billing information from within the ShareFile web app. To do so, access Admin Settings > Billing > Edit Billing Info (users that have not been updated to the New ShareFile can do so using the Admin link in the navigation bar, then selecting Edit Billing Information in the sidebar.)

When modifying your billing information, you must re-enter your Credit Card information even if certain numbers/values have not changed.

Your credit card information can also be updated by phone.

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Modify a Billing Plan

ShareFile offers invoice billing to accounts on annual billing cycles. Monthly, quarterly, and annual cycles are available.

To change your billing plan, access Admin Settings > Billing > Request Plan Changes (users that have not been updated to the New ShareFile can do so using the Admin link in the navigation bar, then selecting Edit Request Plan Changes in the sidebar.)

If you wish to switch to invoice billing, please contact ShareFile Support. Only employee users with the request plan changes permission can alter your billing plan.

Modify my ShareFile Plan

Only account administrators or users with the request plan changes permission may perform this action. To change your billing plan, access Admin Settings > Billing > Request Plan Changes (users that have not been updated to the New ShareFile can do so using the Admin link in the navigation bar, then selecting Edit Request Plan Changes in the sidebar.)

Select the plan type you wish to use, and enter the amount of licenses you wish to add. Your billing estimate will be indicated at the bottom of the screen. You may also enter your billing information in this menu if converting from a trial to a paid account. Click here for a detailed list of ShareFile plan types and the features available to each.

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Once you have requested a plan change, ShareFile support will review your request and email the billing contact on the account a confirmation of the changes. Fees for extra services or features, such as additional employee licenses, will be billed at the time of the order. You will initially be charged a prorated amount for the upgrade based on the number of days left until your regular billing date. Subsequently, you will be billed for all subscription charges on the normal billing date for your account. If you choose to cancel the extra features after your card has been billed for the month, you will not be reimbursed for the days you did not use the features.


View or Print Receipts and Billing Notifications

To view or print receipts or sign up for Billing Notifications, access Admin Settings > Billing > Receipts and Billing Notifications (users that have not been updated to the New ShareFile can do so using the Admin link in the navigation bar, then selecting View/Print Receipts in the sidebar.)

This link will only be available after your first billing and can only be accessed by employee users who have the “View Billing Receipts” and “Access Account-wide Reporting” permissions. This section will store all receipts for the entire length of your account.

There is an option to receive an email notification every time your account is billed and you can turn it on by selecting the check box for Send email notification when my account is billed. Select the check box and then click Add additional recipients to add a user that will receive Billing notifications.

Note – The Add Additional Recipients function is only available for accounts that pay via Credit Card. If you pay for your account via invoices, please contact ShareFile Customer Support to arrange for additional billing notification recipients.

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Bandwidth

Bandwidth is a measure of the total data transfer activity on an account. Every time a file is uploaded or downloaded using your ShareFile account, bandwidth is used. Bandwidth is recorded on your account for any downloads, both complete or incomplete. Uploads count toward your bandwidth if they have been completed. Bandwidth resets to zero on the first of every month. Bandwidth and Storage can be checked in the Admin section of your ShareFile account.

If you exceed your monthly bandwidth, you will be charged a small overage fee to cover the amount of bandwidth used. When you reach 80% of your bandwidth limit for the month, a notification email is sent to the billing contact on your account warning that you are approaching your bandwidth limit. Another notification is sent when you reach 100% of your account’s bandwidth limit. If you exceed your bandwidth limit for the month, your account will continue to function and employees/clients will still be able to upload/download files without interruption. At the end of the month, your bandwidth overage will be totaled and you will be charged a per megabyte usage fee. Please note that the fee is dependent on your plan level. You can also purchase additional bandwidth on your plan, which is more cost-effective than the overage fee. You can purchase additional gigabytes of bandwidth to your account by accessing Admin Settings > Billing > Request Plan Changes.

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Financing Connect – the online tool that makes financing easy.

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To learn more about how to sign up for Financial Connect click here.

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