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.