Edison, New Jersey
31 January 2017
Reporter: Stephanie Palmer

PayCommerce hails successful instant payments test

Cross-border payments network PayCommerce has completed the first payment, clearing and settlement using its Federated Ledger blockchain technology.

In the first phase of the network rollout, PayCommerce completed multiple test payments between the US and India.

The Federated Ledger blockchain-based technology foundation is integrated into the network, allowing for lower transaction costs, increased efficiency and transparency, and easier risk management and regional compliance.

PayCommerce intends to begin production and commercialisation of the network in Q2 2017, with a view to introduce instant payments in the UK, Mexico and Gulf Cooperation Council (GCC) countries by the end of the year.

The platform will then be extended to include Singapore, Canada and the Philippines in 2018.

Max Narro, CEO of PayCommerce, said: “The facilitation of instant payments into India heralds a new era in the democratisation 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.”

He added: “We’re excited for the rollout of real-time payments cross-border account-to-account in other markets in 2017 as we lead the world forward in instant payments space.”

Gareth Lodge, a senior analyst at Celent, said: “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."

Currently, the PayCommerce network includes 95 banks, corporates and alternate channel providers, located in 75 countries.

More payments news
The latest news from Asset Servicing Times
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
Ebury exports transaction services offering to Canada
07 November 2017 | Toronto | Reporter: Theo Andrew
The new office is intended to support rising demand for international currency payments and collections, foreign exchange risk management and import finance solutions from Canadian businesses
Deutsche Bank gpi service expands to euro payments
06 November 2017 | Frankfurt | Reporter: Stephanie Palmer-Derrien
Deutsche Bank has launched its global payments initiative service for euro payments, promising to process payments between continents within 30 minutes
Swift harmonises VP Securities network in Denmark
19 October 2017 | Toronto | Reporter: Theo Andrew
The enhancement, set to launch in 2018, means banks will face reduced costs by harmonising the network used to connect with other securities markets across the globe
NEX partners with Baton Systems
17 October 2017 | London | Reporter: Jenna Lomax
The agreement means Baton Systems will be the first third party to provide its clients with services through NEX’s Infinity solution
SWIFT blockchain testing shows progress
13 October 2017 | Brussels | Reporter: Theo Andrew
Challenges remain in the development of unique value propositions and integration with legacy back-office applications
European banks line up for real-time payments launch
10 October 2017 | Paris | Reporter: Theo Andrew
The first group of users are currently testing the platform’s connectivity, as it prepares for a “real-time payments ramp-up in Europe”, with banks including BBVA, CaxiaBank and UniCredit, a company statement said
UniCredit embarks on test phase for European instant payments
25 July 2017 | Milan | Reporter: Stephanie Palmer
UniCredit has started testing EBA Clearing’s instant payment solution RT1, in preparation to roll out instant payments multinationally
More payments news