PayCommerce, the leading enterprise cross-border payments network and banking consortium for payments disbursement and acceptance; today announced the completion of its real-time, cross-border payment, clearing and settlement testing. It is the first phase of its multi-country global roll out strategy.
“The facilitation of instant payments into India heralds a new era in the democratization of cross-border payments. For the first time, payees will receive remittances in real-time, eliminating costly clearing and settlement procedures and reducing risk in payment acceptance,” says Max Narro, CEO of PayCommerce. “We’re excited for the roll-out of real-time payments cross-border account-to-account in other markets in 2017 as we lead the world forward in instant payments space.”
Phase 1 was successfully conducted last week with multiple test payments between the U.S. and India. Production and commercialization of this ground-breaking offering to PayCommerce Network members is targeted by end of Q2. The instant payments were delivered utilizing PayCommerce’s Federated Ledger, a Blockchain-based technology foundation, integrated into the PayCommerce Network Platform.
PayCommerce continues to focus on the rapid expansion of the PayCommerce Network, which includes 95+ banks in 75 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. With the network expansion, PayCommerce is targeting introducing instant payments in Mexico, GCC region and the UK in 2017; followed by Singapore, Canada and Philippines in 2018.
The first time real-time, cross border payments between counterparties introduces a new era in B2B payments, as PayCommerce declares 2017: The Year of Instant Payments. With the industry focused on removing friction, costs and risks from the outdated methods of payment disbursement and acceptance, PayCommerce urges the industry to open-up payment networks globally.
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 ~200 million transactions in the last 12 months.
Gareth Lodge, Senior Celent Analyst, commented:
“PayCommerce has created a new category in the cross-border payments space with its consortium model of banks and corporates, focusing on the banking industry (vs. just banks) and its distributed ledger-inspired technology delivering instant payments. It is a unique model in the industry.”
The PayCommerce Network leverages its proprietary Federated Ledger 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 a 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 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. For more information on the company, please visit www.paycommerce.com.
- OpenLedger’s Apptrade (www.apptrade.io), the platform creating “Kickstarter for Apps on the Blockchain”, has received a $100,000 USD boost from OpenLedger ApS, the world’s first blockchain powered conglomerate. Powered by the digital token APPX, Apptrade creates portfolios, or groups, of apps, where if one of those apps becomes the next Instagram or Angry Birds, then the value of the portfolio rises. Ronny Boesing, CEO of OpenLedger ApS, explained that Apptrade’s initial token offering (ITO) changed its valuation in the middle of its crowd sale as an immediate response to the result of its preliminary offering. Boesing said, “The Apptrade platform is much too important to not succeed, and it was clear that we needed to adjust the valuation to make it more appealing to anyone deciding to participate. In addition, we wanted to show our belief in this project, and felt that there was no better way to show this than putting our money where our mouth is. OpenLedger will be adding a total of $100 000 USD to the Crowdsale over the next 7 days.” The minimum fundraising goal is $1M USD with a cap of $5M USD. With a total of 8.25M APPX tokens on offer, OpenLedger’s Apptrade ApS will back these tokens with 20% of the future revenue from the Apptrade platform, and any unsold tokens will therefore be distributed proportionally to all participants. All early bird participants, as well new participants, will receive the extra tokens according to the published Stage 1 structure, plus benefit from the additional tokens to be divided. Daniel Pineda, Founder of Apptrade says, “After listening carefully to feedback from public and private supporters, and with great consideration, we decided to update our master token valuation. We firmly believe that our platform, built on the ecosystem of OpenLedger and powerful BitShares financial trading technology, is a strong Blockchain project that will be a success for years to come. We feel that this is the right action to ensure a satisfactory outcome for all.” Apptrade’s final valuation is going to be based on the amount raised, whether $1M USD as its threshold or money back guarantee, or the maximum of $5M USD. The valuation of the Apptrade platform will be determined on what is raised. The deadline according to the escrow agreement is set to end on April 30 2017. Boesing continued, “This approach and change of valuation resulted from requests from within the community, and we hope to accommodate many more participants. But one thing is clear to all of the Early Birds – this is your lucky day!” - March 27, 2017
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