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PayCommerce, the leading enterprise cross-border payments network and banking consortium for payments disbursements and acceptance, today announced that it has achieved a milestone of over 100 banking and financial services institutions in its consortium, spanning more than 80 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. The growth of the network includes banks, and financial services institutions, some of which are Bank Negara and Amana Bank, among others.
Max Narro, PayCommerce CEO, adds, “The PayCommerce Network is building as the industry
gains a better understanding of how our proven model is unique and significantly differentiated among all other providers. Clearly, more and more banks, financing institutions and corporates are embracing the value and ease of joining our proven banking-consortium and interoperable technology platform, providing them with a trusted, scalable, secure, transparent, cost-effective, and instant cross-border payment solution.”
Abdul Naushad, PayCommerce Founder and Executive Chairman adds, “The expansion of the PayCommerce Network into more than 80 countries proves the value of our scalable global consortium model. Using the PayCommerce Network, financial institutions, corporate treasurers and payment service networks have the tools they need to facilitate messaging; guidelines and policies for cross-border payments; solving for the three key industry pain points: cost, speed and transparency.”
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 U.S $400 billion, consisting of over 300 million transactions in the last 12 months.
Patricia Hines, Senior Celent Analyst, comments, “The expansion of the PayCommerce cross-border banking consortium into new geographic regions is a positive indicator of the new business models transforming the sector.”
The PayCommerce Network leverages its proprietary Federated LedgerTM to enable real-time, instant payments, clearing and settlement integration for its banking consortium. The Federated Ledger 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 100+ banks in 80+ 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 4 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.