Troy, NY September 23rd, 2019 – The Upstate New York construction payment technology startup, BuildPay, has announced the release of XChange 1.0. The blockchain-structured platform serves the insurance industry as a claims payment solution to lower loss ratios, provide superior benefits to insured customers with property losses, and reduce cash-flow risk for providers of work and materials.
“XChange starts to tap insurers’ obligation to pay for losses in ways never done before,” said Steve Wightman, BuildPay’s CEO. The release touts user enhancements across the board like a simplified setup, enhanced payment transparency, and the introduction of Chase’s payment gateway to add world class speed, scalability and service.
On building the technology Wightman added, “We set out to make XChange’s first release simple, balanced and dynamic for any loss, anywhere, at any time. We’ve taken a whole new approach to making insured customers whole following property losses. Contractors defrauding customers will be nearly impossible.”
BuildPay’s XChange 1.0 will be rolled out to a select group of insurance industry leaders in Florida over the next few months.
BuildPay offers patent-pending financial technology to construction funding institutions to connect the entire construction payment chain, enabling fast, direct payments, quicker build times and more competitive pricing without liens and delays tied to accounts receivable. Construction the way it should be. #GotPaid