Here is an exclusive interview with Nick Chandi, CEO and co-founder of PayPie
PayPie is creating the first decentralized accounting platform for businesses that will provide real-time insight into financial data to achieve 100% accuracy for a credit risk algorithm that can be used globally. This analysis will be conducted using a single ledger approach and will consider businesses’ all-time historical financial data to safeguard and transform the way credit risk is assessed by lenders, investors, banks and other financial institutions while building a blockchain-backed accounting ecosystem.
PayPie is the first fintech to develop credit risk profile of a business based on an in-built algorithm to constantly adjust it on the Ethereum blockchain depending upon the changes in the more than 150 data points. This paper gives an overview on how PayPie will enable live financial audit, end duplicate
tasks, speed up credit approvals, and improve the overall credit scoring process by disrupting busines accounting landscape
The PayPie team is carefully assembled with a comprehensive set of experts with decades of experience in the Fintech industry. Among the team members there are talents that have contributed with and worked for global powerhouse organizations such as Microsoft, Coca Cola, GE, American Blockchain Council, SlickPie, Citrix, Forbes, Bosch, SAP, Oracle, IBM, Deloitte, KPMG, Barclays, and Bank of America. This includes entrepreneurs, engineers, developers, accountants, lawyers, journalists, and marketers with a proven record of success and in-depth expertise in the fields of technology, financing, banking, accounting, risk management, and blockchain.
Nick is a serial entrepreneur and a member of the Forbes Technology Council. Before co-founding PayPie, Nick co-founded SlickPie, a startup that provides online accounting software for SMEs in 130 countries worldwide, and Welcome Networks, a company specialized in providing IT solutions for accounting firms. Nick is an MBA holder with over 20 years of experience working in the accounting tech industry and he is a frequent speaker at national CPA events on technology and cybersecurity practices.
Q: Hi Nick, Tell us about yourself
My name is Nick Chandi and I am the CEO and co-founder of PayPie. We are creating world’s first credit risk scores of businesses on blockchain based on the live financial data that they have in their accounting systems supported by more than 150 data points.
Q: Tell us more about your team! Do they all have background of crypto?
I have been working with accountants and bookkeepers for almost 20 years. We worked with them on issues related to IT like in-house software development, custom applications, security issues etc. For last one and a half year we have been developing an online accounting solution: SlickPie, which is a double entry accounting solution. Core accounting code of PayPie is taken from SlickPie, and we have rebuilt the code in last 6 months for blockchain and we completed proof of concept in July/August this year.
The PayPie team is carefully assembled with a comprehensive set of experts with decades of experience in the Fintech industry. Among the team members there are talents that have contributed with and worked for global powerhouse organizations such as Microsoft, Coca Cola, GE, American Blockchain Council, SlickPie, Microsoft, Citrix, Forbes, Bosch, SAP, Oracle, IBM, Deloitte, KPMG, Barclays, and Bank of America. This includes entrepreneurs, engineers, developers, accountants, lawyers, journalists, and marketers with a proven record of success and in-depth expertise in the fields of technology, financing, banking, accounting, risk management, and blockchain.
Q: How did the idea of PayPie come about? Is this something you were doing before?
The idea for PayPie came from one of my interactions that I had with one of the users of SlickPie. As a co-founder, I do sometimes attend support calls or respond to emails. One day, I took a call and talked to a business owner. She was very frustrated, stressed and upset. She told me that she is a profit making business and filing her taxes on time for last many year but today she is facing a big problem with her cash flow. She is expecting 2 big payments in next few weeks but she needs money today. She talked to her bank and they have requested more financial statements in PDF or spreadsheets. It may take her bank almost 2 weeks but she needs that money today. She was looking for some help from us and said that you as my financial software, you know my income, you know my expenses, you know which bank account I deal with. You fetch the financial data from my bank, know our short-term obligations, know my long-term debt and even know which credit cards I use and how much is outstanding on them. You should be in the best position to help me out. Her questions bothered me and today I am on a mission to make a good use of the data that is already in a financial software.
Q: Who is your competition?
Smart contracts are pretty new and we are the first fintech to develop credit risk profile of a business using an in-built algorithm to constantly adjust it on the Ethereum blockchain based on the live financial data that includes more than 150 data points. We intend to challenge credit scoring companies like Experian, Equifax and TransUnion status quo. We enable a faster, safer, and cheaper smart contract enabled lending platform that is an alternative to the current legacy systems employed by most of the banks, lenders and invoice factoring companies. We believe our platform will have wide ranging impacts on different segments related to credit, mortgage, insurance, audit and data would be very valuable for aggregators including Moody’s, Standard & Poor’s, Dunn & Bradstreet, Fitch etc.
Q: What is the cap for your ICO and how did you come to chose that number? What do you think of unlimited ICO’s? How much money is too much money to be raised in an ICO?
Only 82.5 million tokens are available for sale and each token price is 0.0011 ETH. We are only raising the amount that we need to become a successful company and dominate the market.
Q: If you successfully crowd sell with your ICO, where will your company be based?
Our company would be based at Vancouver in Canada
Q: Do you have a background in conducting due diligence on crowdfunded projects?
We have a highly qualified legal team helping us with the due diligence and dealing with local regulators in Canada.
Q: What current proof of concepts has PayPie completed? What projects are in the pipeline?
More than 50% work on the project is already complete. We have already completed the POC and hope to have the 1st version of the product available in the spring of 2018.
Q: What’s in the future for PayPie?
I believe blockchain has an important role to play in the world of business financials. I believe in next 7-10 years, all financials will move on blockchain. It may be just 3-5 years. We are in a very strong position to capitalize on it.
Q: Have you talked with any exchanges about their interested in enabling trading of your PayPie tokens?
Yes, we are planning for one major exchange and two minor ones. We will disclose the exchanges once we finalize the processes.
ICO name: PayPie – Credit Risk Assessment Based on Blockchain Accounting
ICO starts on: Oct 15, 2017
ICO ends on: Nov 15, 2017
Total # of coins: 165,000,000
Official Website: https://www.paypie.com
ICO Website: https://www.paypie.com
Official Telegram: https://t.me/PayPieTokens
Official Facebook: https://www.facebook.com/PayPiePlatform
Official Twitter: https://twitter.com/PayPiePlatform
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