It is the first phase of its global strategy. Phase 1 was conducted with multiple test payments between the US and India. Production and commercialisation of this ground-breaking offering to PayCommerce Network members is targeted by end of Q2 of 2017.
The instant payments were delivered utilising PayCommerce’s Federated Ledger, a blockchain-based technology foundation, integrated into the PayCommerce Network Platform.
PayCommerce continues to focus on the expansion of the PayCommerce Network, which includes more than 95 banks in 75 countries. The growth increases the companys global market share by region and accelerates the expansion of its 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 company’s global customer base benefits from lower transaction costs, access to instant real-time payments, acceptance and FX rates, as well as management of risk and regional compliance, all on a single platform.
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