With this strategic investment, the companys global market share is set to grow while its correspondent banking consortium and network is set to accelerate its expansion.
To steer this expansion, PayCommerce Chairman and Founder Abdul Naushad, announced Max Narro as CEO.
The PayCommerce Network which includes more than 90 banks in 75 countries leverages its proprietary Federated LedgerTM to enable real-time, instant payments, clearing and settlement integration for its banking consortium. The Federated LedgerTM is a hybrid, integrating both distributed and centralised ledgers which enable faster payments across networks via its messaging platform. PayCommerce uses blockchain as the foundation of its business.
According to company information, PayCommerce enterprise customers include seven of the top global banks,11 of the top 50 US banks, 14 Global Fortune 500 firms and eight US Fortune 500 companies. What’s more, the PayCommerce platform has processed over USD 400 billion, consisting of nearly 200 million transactions in the last 12 months.
Additionally, PayCommerce also has a Premier SWIFT Service Bureau and is a member of the Federal Reserve’s Faster Payments Task Force.
Tritium Partners is a private equity firm founded in 2013 which focuses on buyouts of growth companies in the lower middle market and has a particular focus on three core sectors: Internet and information services, supply chain and logistics, and financial and business services.
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