FinTech firm PayCommerce announced the rollout of its international payment, clearing and settlement program, offering financial institutions instant settlement even for cross-border payments.
An announcement on Monday (Sept. 26) revealed the launch of the consortium in an effort to reduce transaction costs and increase access to real-time payments technologies for banks. The consortium, PayCommerce explained, means local FX rate providers will participate in the program, which will also offer risk and compliance solutions for banks.
“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,” the company’s CEO and founder, Abdul Naushad, said in a statement. “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 members, we added seven new banks in the last 60 days.”
Reports said the program now includes more than 90 banks and financial institutions across 72 countries.
The U.S.-based company said it will focus on instant settlement of transactions into India from across the globe, including the U.S., U.K. and UAE. Next year and beyond, PayCommerce said it will add additional receiving countries, including Mexico, South Africa and Australia.
Last year, PayCommerce announced a collaboration with Software AG to integrate the PayCommerce payments network onto a single platform. At the time, Naushad said the move would help companies streamline their payments and save money.
“Most importantly, the platform provides capabilities for improving international B2B, B2C and C2B transactions from initiation to settlement processing, compliance screening, reconciliation and reporting,” the executive added.
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