PayCommerce, open cross-border payments network and banking consortium, has announced the expansion of its global footprint with the opening of two new offices in November: one in Ontario and one in Dubai.

According to the official release, the Ontario office will serve as PayCommerce's new Global Research and Development Center, driving innovations including blockchain, faster payments and artificial intelligence-based initiatives among others. The Dubai office will serve as the company's business hub for its footprint in the Middle East and Africa region.

“Establishing an office in Dubai will enable us to grow our footprint in the Middle East and reach more members, while the expansion of our R&D capabilities in Toronto will ensure that we can continue to innovate and develop our next-generation solutions in cross-border payments technology”, Max Narro, CEO, PayCommerce, said.

Roshan Mohan, Consul for Economic Affairs at the Ontario International Trade and Investment office in New York noted Ontario’s growing cluster of digital banking, mobile payments, cybersecurity and trading analytics companies, especially along the Toronto-Waterloo FinTech corridor. Mohan said that PayCommerce will be a very valuable addition to this industry cluster.

"Thanks to the Consulate General of Canada and the Ontario International Trade & Investment Office in New York for their tremendous support throughout the process of setting up our first Canadian operations. It was very encouraging to see their level of engagement with our management and operations team”, Abdul Naushad, Founder and Executive Chairman, PayCommerce, said.

Founded in 2006, PayCommerce is headquartered in Edison, NJ, and its network members include banks, financial institutions, global corporates and alternate channel providers. Its 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 ~200 million transactions in the last 12 months.