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.
About PayCommerce
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).
Media
Contacts:
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Karen
Morgan
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Mariah
Measey
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Chief Marketing
Officer
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Cognito
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PayCommerce,
Inc
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+ 1 646 395
6335
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+1 732 562 0020
x205
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Paycommerce@cognitomedia.com
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kmorgan@paycommerce.com
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Sophie
Bent
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Senior Communications
Manager
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Dow Jones
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+44 (0)203 426
1381
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sophie.bent@dowjones.com
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To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/paycommerce-partners-with-dow-jones-risk--compliance-to-strengthen-and-expand-its-risk-and-compliance-sanctions-screening-for-cross-border-payments-300466077.html
SOURCE PayCommerce