PayCommerce, the 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 85+ banks, the program aims to achieve instant settlement into India from several regions including the U.S., UK and UAE.
In 2017, the company plans to further expand its originating and receiving capabilities to countries including Mexico, other GCC countries and South Africa; followed by Australia in 2018.
Global banks benefit from significantly decreased transaction costs; access to real-time cross-border transaction processing; direct participation with local fx rate providers; in addition to a comprehensive set of risk management and compliance services – all through a single connection and integrated program.
"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," states Abdul Naushad, PayCommerce CEO and Founder. "By establishing a consortium banking model, you can achieve instant cross-border payments in mass scale. We are seeing tremendous excitement and momentum as we expand our consortium of banking members.”