PayCommerce unveils open cross-border faster payments network for banks

The company will roll out Phase 1 in late 2016, starting with a pilot program between two major banks in countries that have domestic, faster payment capabilities. Phase 2 of the rollout is scheduled to include seven to nine countries, with the final phase to enable global settlement among all market participants.

The PayCommerce technology model will leverage its existing real-time messaging infrastructure integrated with a SaaS-based [centralized] Live ledger for each member on the network. PayCommerce will provide open API interfaces for collaboration between members systems and its network.

PayCommerce is a cross-border, open payments network which connects over 80 correspondent banks and acquiring institutions in 72+ countries and enables payments, collections and settlement in 80+ currencies. PayCommerce enables both disbursements and collections transactions through a single point of connectivity for members. Members include banks, financial institutions, global corporates and alternate channel providers. It is an open network where eligible institutions can join and there are no up-front costs.