PayCommerce Transacts the First Live Real-Time Cross-Border Payment
PayCommerce, the leading enterprise cross-border payments network and banking consortium for payments disbursement and acceptance; today announced the completion of its real-time, cross-border payment, clearing and settlement testing.
Phase 1 was successfully conducted last week with multiple test payments between the U.S. and India. Production and commercialization of this ground-breaking offering to PayCommerce Network members is targeted by end of Q2.
The instant payments were delivered utilizing PayCommerce’s Federated Ledger, a blockchain-based technology foundation, integrated into the PayCommerce Network Platform.
PayCommerce continues to focus on the rapid expansion of the PayCommerce Network, which includes 95+ banks in 75 countries. This strategic growth increases the company’s global market share by region and accelerates the expansion of its proven, correspondent-banking consortium and network.
With the network expansion, PayCommerce is targeting introducing instant payments in Mexico, GCC region and the UK in 2017; followed by Singapore, Canada and Philippines in 2018.
The first time real-time, cross border payments between counterparties introduces a new era in B2B payments, as PayCommerce declares 2017: The Year of Instant Payments. With the industry focused on removing friction, costs and risks from the outdated methods of payment disbursement and acceptance, PayCommerce urges the industry to open-up payment networks globally.
“The facilitation of instant payments into India heralds a new era in the democratization of cross-border payments. For the first time, payees will receive remittances in real-time, eliminating costly clearing and settlement procedures and reducing risk in payment acceptance,” says Max Narro, CEO of PayCommerce. “We’re excited for the roll-out of real-time payments cross-border account-to-account in other markets in 2017 as we lead the world forward in instant payments space.”
Gareth Lodge, Senior Celent Analyst, comments, “PayCommerce has created a new category in the cross-border payments space with its consortium model of banks and corporates, focusing on the banking industry (vs. just banks) and its distributed ledger-inspired technology delivering instant payments. It is a unique model in the industry.”