PayCommerce Launches First Instant Cross-Border Payments, Clearing and Settlement Program for Its Global Banking Network
Global banks can now access the technology and network for instant cross-border payments, clearing and integrated settlements, while opening up new revenue opportunities
September 26, 2016, Edison, NJ — PayCommerce, a leading enterprise cross-border payments network today announced at Sibos (Booth #E89), the introduction of its instant cross-border payment, clearing and integrated settlement program for global banks. With a worldwide banking consortium of 90+ banks, the program aims to achieve instant settlement into India from several regions including the US, the UK and the UAE.
In 2017, the firm plans to rollout additional originating and receiving countries including Mexico, other GCC countries and South Africa; followed by Australia in 2018.
Global banks will benefit from significantly decreased transaction costs; access to real time payments, acceptance and FX rate transparency; increased efficiency and transparency; in addition to management of risk and regional compliance – all through a single connection and integrated infrastructure.
“In an effort to lead global financial markets forward, we have created the next generation payments technology platform, to achieve real-time straight-through-processing for low-value, high volume cross-border payments,” stated Abdul Naushad, PayCommerce CEO and Founder. “You can’t achieve instant cross-border payments on a mass scale without real-time clearing using a consortium banking model.
“We are seeing tremendous excitement and momentum, in addition to our existing banking consortium members; we added seven new banks the last 60 days.”
PayCommerce is a leading open cross-border payments network that enables both disbursements and acceptance transactions through a single point of connectivity for its members. The PayCommerce Network consists of a banking consortium of 92+ banks in 72+ countries. Network members include: banks, financial institutions, global corporates and alternate channel providers. PayCommerce customers include 7 of the top global banks; 11 of the top 50 US banks; 14 global Fortune 500® firms and 8 US Fortune 500® companies. It is an open network where eligible institutions can join on a pay-as-you-go model. PayCommerce also has a Premier SWIFT Service Bureau; only one of twelve worldwide. As an industry advocate for the democratization of payments, PayCommerce sits on the Federal Reserve’s Faster Payments Task Force Steering Committee.
Headquartered in Edison, NJ, the firm has branches across four continents with employees strategically placed around the globe to support customers. Its vision is to create the largest correspondent bank network that enables faster payments for disbursements and acceptance globally. For more information on the company, please visitwww.paycommerce.com.
First appeared at LTP