PayCommerce nabs $22m for enterprise remittance


Enterprise cross-border payments network PayCommerce has raised $22m in an investment from Tritium Partners.

The New Jersey-based company uses hybrid distributed and centralised ledgers similar to blockchain technology to facilitate real-time payments.

In addition to enabling real-time transfers the hybrid ledger offers the advantage of lower costs and increased transparency as well as more efficient risk and compliance services.

PayCommerce says it will use the capital to expand its network of clients, which it claims includes more than 90 banks across 75 countries.

The company says the platform has processed more than $400bn made up of almost 200 transactions in the past 12 months alone.

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