PayCommerce launches instant cross-border payments, clearing and settlement scheme
Welcome to the consortium
Join the consortium. PayCommerce, an open cross-border payments network, has launched an instant cross-border payment, clearing and integrated settlement programme for global banks.
US-based PayCommerce says it “enables both disbursements and acceptance transactions through a single point of connectivity for its members”. Its network consists of 85 banks across 72 countries.
“The programme aims to achieve instant settlement into India from several regions including the US, UK and UAE,” the vendor explains.
In the course of 2017, additional originating and receiving countries will be added, including Mexico, other GCC countries and South Africa. Australia will follow in 2018.
With the new programme, PayCommerce promises “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 programme”.
Abdul Naushad, PayCommerce CEO and founder, observes that instant cross-border payments can be achieved “in mass scale” through a consortium banking model.
