FintekNews is pleased to offer our weekly feature column “3 Questions”. Each week, we feature a thought leader within a unique sector of fintech and ask them to answer just 3 questions for our audience in their vernacular. This week, we’d like to introduce you to Abdul Naushad, Founder & Chairman of PayCommerce, an instant, open cross-border payments network and banking consortium, enabling global disbursements and acceptance.
NAME: Abdul Naushad
TITLE:
Founder & ChairmanCOMPANY:
PayCommerceWEB ADDRESS:
https://www.paycommerce.com/What does your firm do/offer within the fintech sector?
PayCommerce is the leading, open cross-border payments network that enables both global payments and acceptance transactions through a single point of connectivity for its members. Our network leverages our own proprietary Federated Ledger™ Technology to enable real-time, instant payments, clearing and settlement integration for our banking consortium. The PayCommerce Federated Ledger™ is different from other distributed ledger and blockchain technologies, offering a hybrid model integrating both distributed and centralized ledgers which enable faster payments across networks via its messaging platform. The Federated Ledger™ acts as a system of checks and balances between two different parties transacting between each other.
Our network is comprised of a consortium of banks; financial institutions; global corporates and alternate channel providers. Our robust, secure platform delivers significant advantages: from open API access and predictive analytics to federated ledgers which enable real-time payments, clearing, settlement and beyond. Our platform is well-positioned to help our members tackle their enterprise-wide, global payments challenges. We take a consultative and holistic approach with our members in order to understand their current and future needs—all of which drive our global technology innovation.
What area/s of fintech do you believe will grow the most in the coming 5 years?
A lot of transformation is happening in regulatory technology – especially leveraging AI (artificial intelligence) -- combining blockchain to record and store how compliance on a transaction is accessible to certain parties. More banks will be implementing AI and regulatory tech in the future and I am excited to see the growth in this sector.
What has been the biggest success in your firm to date?
Our biggest success to date has been our deployment of the first instant, real-time cross border trade between the U.S. and India leveraging our Federated Ledger™ Technology. PayCommerce and our blockchain-inspired technology have truly paved the way for the democratization of the payments industry for all global market participants. Until our recent test, real-time cross-border had not been achieved and nothing was proven in terms of real-time. There is a significant difference between faster payments and real-time payments clearing and settlement.
To do instant payments, it’s not only about enabling technology but rather about a ‘good funds’ model in place. Then with instant messages the banks are assured that there is no risk against perhaps million dollars they are asking us to pay out to someone in another country. Until the pilot test, people were talking about real-time payments in terms of moving funds from one bank to another. It is our proven banking consortium which has global impact. Our recent cross-border instant payments test really impacted an entire market/country – all of India – beyond just bank to bank. We are consistently increasing transparency, speed and efficiency in the entire payments arena.
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As the Founder and Chairman of PayCommerce, Abdul Naushad has been the driving force for excellence in service, business strategy, and product innovation since the company's inception. During his career, Abdul has held several executive and leadership roles with startups and leading global technology companies including both Oracle and Digital Equipment Corporation (DEC).