PayCommerce completes live real-time cross-border payment
The payments network said the testing was the first phase of its multi-country global roll-out strategy.
The payments network said the testing was the first phase of its multi-country global roll-out strategy.
Cross-border payments network and banking consortium PayCommerce declared 2017 “the year of instant payments” after completing its real-time, cross-border payment, clearing and settlement testing in the first phase of a multi-country global roll out strategy. It announced that phase 1 was successfully conducted last week with multiple test payments between the US and India and it plans to extend production and commercialisation of the offering to PayCommerce Network members by mid-year
The instant payments were delivered utilising PayCommerce’s Federated Ledger, a blockchain-based technology foundation, integrated into the PayCommerce Network platform. The company added that it continues to focus on the rapid expansion of the network, which includes over 95 banks in 75 countries, by introducing instant payments in Mexico, Gulf cooperation Council (GCC) region and the UK in 2017; followed by Singapore, Canada and the Philippines in 2018.