Company Strategically Expands its Global Footprint to Establish its R&D Center in Ontario and Strengthens its Presence in the Middle East – AfricaMarkets
December 7, 2016, Edison, NJ — PayCommerce, the leading enterprise cross-border payments network and banking consortium, today announced it has opened two new offices in November: one in Ontario and one in Dubai.
The Ontario office will serve as PayCommerce’s new Global Research and Development Center, driving innovations including blockchain, faster payments and artificial intelligence-based initiatives among others. The Dubai office will serve as the company’s business hub for its footprint in the Middle East and Africa region, as PayCommerce continues to build out its global footprint.
Max Narro, CEO, PayCommerce, said, “Global demand from banks, corporates and money service bureaus for secure, transparent, cost-effective, instant cross-border payment solutions is ever-increasing. PayCommerce’s proven, correspondent-banking consortium and network is continuing to expand to meet this need. Establishing an office in Dubai will enable us to grow our footprint in the Middle East and reach more members, while the expansion of our R&D capabilities in Toronto will ensure that we can continue to innovate and develop our next-generation solutions in cross-border payments technology.”
Roshan Mohan, Consul for Economic Affairs at the Ontario International Trade and Investment office in New York,”adds, “I am excited to see that PayCommerce is setting up its operations in Ontario – the second-largest IT cluster in North America. Ontario has a growing cluster of digital banking, mobile payments, cybersecurity and trading analytics companies, especially along the Toronto-Waterloo FinTech corridor, and PayCommerce will be a very valuable addition to this industry cluster.”
Abdul Naushad, Founder and Executive Chairman, PayCommerce, said, “Thanks to the Consulate General of Canada and the Ontario International Trade & Investment Office in New York for their tremendous support throughout the process of setting up our first Canadian operations. It was very encouraging to see their level of engagement with our management and operations team.”
PayCommerce enterprise customers include seven of the top global banks, 11 of the top 50 U.S. banks,
14 Global Fortune 500® firms and eight U.S. Fortune 500® companies. Additionally, the PayCommerce platform has processed over US$400 billion, consisting of ~200 million transactions in the last 12 months.
PayCommerce is the leading open cross-border payments network that enables both disbursements and acceptance transactions through a single point of connectivity for its members. The PayCommerce Network consists of a banking consortium of 95+ banks in 75 countries. Network members include: banks, financial institutions, global corporates and alternate channel providers. It is an open network where eligible institutions can join. PayCommercealso has a Premier SWIFT Service Bureau; only one of twelve worldwide. As an industry advocate for the democratization of payments, PayCommerceis a member of the Federal Reserve’s Faster Payments Task Force.
Headquartered in Edison, NJ, the companyhas offices across 4 continents with associates strategically placed around the globe to support customers. Its vision is to create the largest correspondent bank network that enables faster, secure payments for disbursements and acceptance globally. For more information on the company, please visit www.paycommerce.com.