PayCommerce: PayCommerce expands risk and compliance screening for cross-border payments

PayCommerce has partnered with Dow Jones to leverage its Risk & Compliance data.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."PayCommerce claims that customers and members of its consortium will 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. 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."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."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 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.Feature photo courtesy of iStockPhotoCaption: photo courtesy of iStockphoto