Our Industry Initiatives
Open Cross-Border Payment Networks:
The PayCommerce Network is a consortium which provides access to leading banking and financial services institutions spanning the globe. Global financial institutions and domestic networks and corporations trust us to perform payment transactions; exchanging millions of standardized financial messages over our network. This involves reliable and secure exchange of payment data while ensuring its confidentiality and integrity.
The objective of our payment network is to enable our member’s institutions (banks, corporates and payment service providers) to enable cross-border disbursements and acceptance transactions worldwide. Using the PayCommerce Network and messaging infrastructure, the transaction originators, distributors and beneficiaries can collaborate all on a single platform. This improves transparency, security while saving money. PayCommerce eliminates the use of intermediary parties that are involved in a transaction, in order to improve speed and unnecessary costs, while helping members mitigate compliance and settlement risk.
Members can join PayCommerce Network and will be validated for compliance purposes before they are given access to the network. We are working with the banking communities in countries across the world – to be both a facilitator of payment transactions and a reliable network and messaging infrastructure for our members. We aim to fulfill this duty with maximum efficiency and sustainability.
Our strategy focuses around five (5) key priorities, linked to a specific objective:
- Transact securely and in a reliable manner between trusted partners and customers globally
- Reduce transaction processing costs for originating members and distributing members
- Fostering ethical behaviors by enabling transparency for foreign exchange and transaction fees among partners and their customers.
- Enable new revenue opportunities and direct global access for financial institution members on the network.
- Bring efficiency through process automation, compliance and risk management of members using industry standards for payment processing by our members across borders.
Faster Payment Network: Introducing the Federated Ledger
The objective of this initiative is to democratize the cross-border payments industry and enable same-day settlement integration across the globe. Watch our Federated Ledger video: Federated Ledger Video.