Aon & BuildPay Partner on Construction Innovation
BuildPay, an upstate New York financial technology startup focused on improving the way all construction is paid for, has been chosen as a strategic partner with Aon (NYSE: AON), a leading global professional services firm. Aon’s customers will now have access to BuildPay’s revolutionary payment-risk reduction and end-to-end funds control technology.
BuildPay was selected by Aon’s Global Construction and Infrastructure (GC&I) Technology Assessment Panel, which evaluates startup and emerging technologies in the construction industry that can reduce risk across all lines of insurance involved with construction. The objective of the panel is to foster needed innovation in a rapidly growing construction segment.
“BuildPay is unique in its addressing of chronic payment issues and risk throughout the entire payment chain, unlike the incremental process efficiencies other technology companies have focused on,” said David Bowcott, Global Director of Growth, Innovation & Insight for GC&I.
On the partnership with Aon, BuildPay CEO, Steve Wightman added, “We’re very excited to have been selected by Aon’s innovation group for this opportunity to innovate together. The construction industry’s archaic payment process is ripe for disruption, and Aon getting involved is the catalyst it needs.”
“BuildPay’s blockchain approach advances fundamental benefits of security and transparency with an understanding of the end to end construction payment chain,” said Leah Hennessey, VP of Marketing & Product Development. “It mimics the way agreements, requests, and payment approvals are happening today. BuildPay delivers confidence as users will be able to see their funds and get paid quickly – as long as they perform.”
For more information on BuildPay’s payment technology, please visit BuildPay.com
BuildPay, LLC is a payment & construction tech startup located in Troy, NY. BuildPay’s patent-pending SaaS platform connects the entire construction payment chain to their shared project ledger, leveraging transparency and conglomerated buying power to build & get pay faster, while reducing risk.
About Aon Global Construction and Infrastructure
Aon’s Global Construction & Infrastructure Group (GC&IG) provides leading, best-in-class advice and solutions on the topics of risk and people to the largest, global contractors and infrastructure investors on their most complex projects world-wide. By employing sophisticated and innovative risk management and risk finance solutions, we help our clients to create value from the risk in their projects.
Aon plc (NYSE:AON) is a leading global professional services firm providing a broad range of risk, retirement and health solutions. Our 50,000 colleagues in 120 countries empower results for clients by using proprietary data and analytics to deliver insights that reduce volatility and improve performance.