B2B payments company PayCommerce announced Monday (Jan. 30) it completed its first real-time, cross-border B2B payment using blockchain technology.
The company revealed it had completed phase one of its initiative last week, facilitating multiple test payments between the U.S. and India. PayCommerce added that it plans to commercialize the real-time global payment offering by the end of the year’s second quarter.
PayCommerce’s real-time payment offering uses its Federated Ledger platform, using blockchain technology integrated into its existing framework. The PayCommerce Network currently includes nearly 100 banks across 75 countries, the company said, with plans to introduce Mexico, the U.K. and the Gulf region this year. Singapore, Canada and Philippines are slated to follow in 2018.
“The facilitation of instant payments into India heralds a new era in the democratization of cross-border payments,” stated PayCommerce CEO Max Narro. “For the first time, payees will receive remittances in real time, eliminating costly clearing and settlement procedures and reducing risk in payment acceptance.”
“We’re excited for the rollout of real-time payments cross-border account-to-account in other markets in 2017 as we lead the world forward in instant payments space,” he added.
PayCommerce first announced its plans to develop a real-time payment solution last September via the development of a consortium of banks. The move was an effort to reduce the time and cost of transactions, while boosting availability of real-time payment technologies for member banks.
A month later, the company revealed a $22 million Series B funding round led by Tritium Partners, the funds of which PayCommerce said would be used to continue its expansion and cross-border payments capabilities.