Innovation Spotlight: Research & Development Initiatives
PayCommerce is leading the cross-border industry forward with a range of new initiatives including: a blockchain-enabled Federated Ledger; smart contracts; artificial intelligence; faster payments and beyond. We work closely with our customers to create products and services that not only solve their business challenges, but also help give them a competitive edge for the future. Watch our Innovation video.
Some of our innovation in our research and development include:
Federated Ledger, leveraging blockchain: PayCommerce has launched its real-time payments-enhancing blockchain technology to enable a Federated Ledger on the PayCommerce Network for powering cross-border payments in near real-time. Watch video.
Smart Contracts: We are working on implementing fully-customizable Smart Contracts on the PayCommerce Network between member banks and their customers and bank-to-bank correspondent relationships for foreign exchange and payment services. The goal is to create trust using provable data among parties and enable rules-driven processing using Smart Contract data.
Instant Payments: PayCommerce announced the first instant cross-border payments, clearing and settlement program for its global banking consortium and network. Global banks will now be able to access the technology and network necessary for instant cross-border payments, clearing and settlement, while opening up new revenue opportunities.
The program plans achieve instant settlement into India from several regions including the U.S., UK and UAE. In 2017, the firm plans to roll-out additional originating and receiving countries including Mexico, other GCC countries and South Africa; followed by Australia in 2018.
Global banks will benefit from significantly decreased transaction costs; access to real time payments, acceptance and FX rate transparency; increased efficiency and transparency; in addition to management of risk and regional compliance–all through a single connection and integrated infrastructure.
Artificial Intelligence: PayCommerce is leading the industry forward with its cutting-edge, AI initiative for the cross-border payments ecosystem. The first phase of this R&D initiative will start with a range of functionality:
- Robust compliance screening powered by deep learning neural networks
- Risk management and fraud detection driven by real-time intelligence and complex event processing
- Proactive customer support using Intelligent Decision support systems: This enables early detection of process errors or failures. Unsupervised learning rules can be enabled to auto-correct and instantly notify our customers.
For more information on the above topics, please email us at email@example.com.