Cross-border payments network PayCommerce designs its services for international payments needs, and its latest venture aims to reduce global payments friction even further. To do so, the company said it’s working with Software AG’s Digital Business Platform.
In an announcement yesterday (Oct. 14), PayCommerce revealed that it will be using Software AG’s solution as a gateway that integrates PayCommerce’s payments network into a single platform.
[bctt tweet=”PayCommerce revealed that it will be using Software AG’s solution as a gateway.”]
In a statement, PayCommerce Founder and CEO Abdul Naushad explained the workings of the partnership further.
“Software AG provides us with a solid and secure integration platform from which to work,” Naushad said. “Most importantly, the platform provides capabilities for improving international B2B, B2C and C2B transactions from initiation to settlement processing, compliance screening, reconciliation and reporting.”
The executive added that the tie-up lets businesses streamline payment procedures, leading to cost reductions of up to 80 percent.
PayCommerce facilitates payments between 72 countries in more than 80 currencies, the companies said. The network can be integrated into the processes of more than 80 banks, corporations and regional payment networks through the Digital Business Platform, said Naushad.
The company added that it is the only open cross-border payments network that facilitates collections and disbursements through a single portal.
The partnership with Software AG is the latest in the German company’s cross-border ventures. This week, Software AG revealed the launch of its Digital Marketplace, an online platform that helps its financial institution and corporate customers leverage new business process models and other IT offerings and access innovative solutions to integrate into their existing digital platforms.
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