EDISON, N.J., May 31, 2017 /PRNewswire/ -- PayCommerce, the leading enterprise cross-border payments network and banking consortium for payments disbursements and acceptance, today announced that it has partnered with Dow Jones to leverage its Risk & Compliance data.
PayCommerce customers and members benefit from a high quality, well-structured risk screening solution for effective Anti-Money Laundering, Know Your Customer and Counter-Terrorist Financing compliance in addition to increased country coverage.
Max Narro, PayCommerce CEO, said: "As the global need for enhanced compliance and sanctions screening intensifies, PayCommerce is committed to providing its customers and members with best-in-class integrated risk and compliance solutions. We want to ensure they can efficiently manage the global demands of their cross-border business with confidence. Global banks, financial institutions and corporates trust PayCommerce for a scalable, secure, transparent, cost-effective, and instant cross-border payment solution."
Joel Lange, Managing Director, Dow Jones Risk & Compliance, said: "The payments landscape is evolving and transforming, adding greater pressure to provide efficient transaction solutions that are fully compliant with regulations. We are pleased to empower PayCommerce's customers and members with Dow Jones' world-class risk and compliance data to help them meet these regulatory needs."
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 over 300 million transactions in the last 12 months.
Gareth Lodge, Senior Celent Analyst, comments, "As the cross-border payments space heats up, the focus will move to the broader offering, with risk management in the form of best-of-breed global compliance and reporting solutions high on the agenda."
The PayCommerce 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 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 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.
PayCommerce is the leading open cross-border payments network that enables both disbursements and acceptance transactions through a single point of connectivity for its members. The PayCommerce Network consists of a banking consortium of 100+ banks in 80+ countries.
Network members include: banks, financial institutions, global corporates and alternate channel providers. It is an open network where eligible institutions can join. PayCommerce also has a Premier SWIFT Service Bureau; only one of twelve worldwide. As an industry advocate for the democratization of payments, PayCommerce is a member of the Federal Reserve's Faster Payments Task Force.
Headquartered in Edison, NJ, the company has offices across 4 continents with associates strategically placed around the globe to support customers. Its vision is to create the largest correspondent bank network that enables faster, secure payments for disbursements and acceptance globally. For more information on the company, please visit www.paycommerce.com.
About Dow Jones
Dow Jones is a global provider of news and business information, delivering content to consumers and organizations around the world across multiple formats, including print, digital, mobile and live events. Dow Jones has produced unrivaled quality content for more than 130 years and today has one of the world's largest newsgathering operations globally. It produces leading publications and products including the flagship Wall Street Journal, America's largest newspaper by paid circulation; Factiva, Barron's, MarketWatch, Financial News, DJX, Dow Jones Risk & Compliance, Dow Jones Newswires, and Dow Jones VentureSource. Dow Jones is a division of News Corp (NASDAQ: NWS, NWSA; ASX: NWS, NWSLV).
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