PayCommerce, the leading enterprise cross-border payments network for payments disbursement and acceptance, today announced a $22 million investment from Tritium Partners.
This strategic investment will drive growth, 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. To lead this expansion, PayCommerce Chairman and Founder Abdul Naushad, announced Max Narro as CEO. Mr. Narro, formerly President of WorldPay, U.S. Small Business and Senior Executive at Fiserv and First Data, will also join the PayCommerce board of directors.
The PayCommerce Network leverages its proprietary Federated LedgerTM to enable real-time, instant payments, clearing and settlement integration for its banking consortium. The Federated LedgerTM is a hybrid, integrating both distributed and centralized ledgers which 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.
"The investment from Tritium Partners allows us to better serve our customers by continuing to transform the global payments landscape with our innovative cross-border payments platform," states Abdul Naushad, PayCommerce Chairman and Founder. "This is meaningful to the payments industry as it enables the global democratization of payments. We are well-positioned to not only meet the tremendous market demand which we are experiencing globally, but also execute on our cutting-edge R&D innovation."
Matt Bowman, Partner at Tritium Partners, said, "PayCommerce is uniquely positioned to disrupt the cross-border payment ecosystem with a new model that brings speed, cost-savings, and transparency between member banks to the benefit of its customers. We are excited to be partnering with Abdul and Max at this critical point in time based on the pressing demand for ubiquitous payments across borders.” Joining Mr. Bowman on PayCommerce’s board of directors is Chris Steiner, Vice President at Tritium.
Max Narro, CEO, PayCommerce, added, "Tritium’s investment validates the distinctiveness of the PayCommerce network and its ability to provide a differentiated cross-border payments model which gives its trusted members a highly-competitive edge. We plan to aggressively invest in and expand our organization with this capital to meet the demand from banks and enterprises to participate in the network."
Patricia Hines, Celent Senior Analyst, adds, “Changing customer expectations and inefficiencies in traditional cross-border payment services have created compelling opportunities for nonbank financial technology providers. They are creating differentiated payment models and network, making cross-border payments more efficient, more transparent, more predictable and more robust. Cross-border disbursement and acceptance platforms that unite domestic and international payments infrastructures with banks and enterprise customers around the globe reduce the complexity and cost, long-associated with cross-border transactions.”
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 nearly 200 million transactions in the last 12 months.
The company’s global customer base benefits from significantly lower transaction costs, access to instant real-time payments, acceptance and FX rates and increased efficiency and transparency, as well as management of risk and regional compliance, all on a single platform.