Celent Senior Analyst Patricia Hines to Deliver Keynote Address
PayCommerce, the leading enterprise cross-border payments network and banking consortium for payments disbursement and acceptance, have announced 10% growth of its network membership in advance of its second Annual Global Customer Conference on Friday, November 18th in Jersey City, NJ.
This strategic growth increases the company's global market share by region and accelerates the expansion of its proven, correspondent-banking consortium and network, which now includes more than 95 banks in 75 countries. The 10% growth includes banks, corporates, payment services providers, and money service bureaus. New additions include CBW Bank, Kumari Bank in Nepal, IndusInd Bank in India and banks in the Philippines and Taiwan, among others.
Max Narro, PayCommerce CEO, says, “PayCommerce is uniquely positioned to scale for global growth because our proven banking-consortium model leverages our innovative technology platform, providing a scalable, secure, transparent, cost-effective, and instant cross-border payment solution. We are starting to gain meaningful momentum as global demand increases from banks, corporates, MSBs and beyond. Additionally, PayCommerce is simultaneously innovating a rapid pace to deliver cutting-edge, next generation solutions in cross-border payments technology.”
PayCommerce enterprise customers include seven of the top global banks, 11 of the top 50 U.S. banks, 14 Global Fortune 500® firms and eight U.S. Fortune 500® companies. Additionally, the PayCommerce platform has processed over US $400 billion, consisting of over 200 million transactions in the last 12 months.
Patricia Hines, Senior Celent Analyst, added, “Celent is looking forward to sharing our global B2B payments research with an audience that is representative of the entire ecosystem—from banks to corporates and money service bureaus.”
Amit Talwar, Head of Transaction Banking Sales at IndusInd Bank, commented, “IndusInd Bank is glad to be associated with PayCommerce to facilitate remittance payments to India. With IndusInd Bank’s capability of disbursing money to the beneficiary accounts instantly using the Immediate Payment Service (IMPS) platform, the time taken for sending money from a person overseas to India is reduced to just a few seconds.”
The PayCommerce Network leverages its proprietary Federated LedgerTM to enable real-time, instant payments, clearing and settlement integration for its banking consortium. The Federated LedgerTM is a hybrid, integrating both distributed and centralized ledgers which enable faster payments across networks via its messaging platform. By leveraging the foundation of blockchain, PayCommerce ensures it is secure, transparent and accommodates business rules in a heterogeneous network environment.
The company’s global customer base benefits from significantly lower transaction costs, access to instant real-time payments, acceptance and FX rates and increased efficiency and transparency, as well as management of risk and regional compliance, all on a single platform.
PayCommerce is the 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 95+ banks in 75 countries. Network members include: banks, financial institutions, global corporates and alternate channel providers. It is an open network where eligible institutions can join. PayCommerce also has a Premier SWIFT Service Bureau; only one of twelve worldwide. As an industry advocate for the democratization of payments, PayCommerce is a member of the Federal Reserve’s Faster Payments Task Force.
Headquartered in Edison, NJ, the company has offices across four continents with associates strategically placed around the globe to support customers. Its vision is to create the largest correspondent bank network that enables faster, secure payments for disbursements and acceptance globally.