PayCommerce boosted by US$22m capital injection
The cross-border payments network also named Max Narro, formerly president of WorldPay, as its new CEO.
The cross-border payments network also named Max Narro, formerly president of WorldPay, as its new CEO.
PayCommerce has completed a US$22m investment from private equity and venture capital group Tritium Partners. The cross-border payments network said that the capital injection will “increase the company’s global market share by region and accelerate the expansion of its proven, correspondent-banking consortium and network, which includes more than 90 banks in 75 countries.” Chairman and founder Abdul Naushad also named Max Narro as chief executive officer (CEO). Narro, formerly president of WorldPay, US Small Business and senior executive at Fiserv and First Data, will in addition join PayCommerce’s board of directors.
PayCommerce’s network leverages its proprietary Federated Ledger to enable real-time, instant payments, clearing and settlement integration for its banking consortium. The Federated Ledger is a hybrid, integrating both distributed and centralised ledgers to enable faster payments across networks via its messaging platform. By leveraging the foundation of blockchain, PayCommerce ensures it is secure, transparent and accommodates business rules in a heterogeneous network environment.