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Paysend Enables Consumers and Businesses to Send Instant Cross-Border Payments to Accounts In 25 Countries For $1

LONDON 14 SEPTEMBER 2022 Paysend, the UK-based fintech with over 7 million customers, today announces the launch of Instant Account Payments, that provide consumers and businesses the opportunity to send instant cross-border payments as high as $100,000 to makes up about just $1 per payment. Users can easily hook up to Paysends global payments network and instantly and cost-effectively send funds to 25 countries and currencies 7 days per week, 365 days each year.

Instant payments volume reached $70.4 billion in 2020 and is likely to reach $200 billion by the finish of 2024, in accordance with GlobalData. The rise of instant payments has shifted the expectations of consumers and businesses alike who’ve experienced greater speed, ease and reliability when coming up with domestic payments and today expect an identical experience when coming up with payments abroad. Instant cross-border payments are anticipated to cultivate at a CAGR of over 30% by 2024, surpassing 200 billion by 2024 and the main element drivers are the COVID-19 pandemic, a rise in global remittances and trade and the rise of global on-demand services and e-commerce marketplaces.

Alexander Budyakov, Head of Enterprise at Paysend, said: As the demand for instant cross-border payments is clear, legacy cross-border payment services remain hampered by long-standing challenges of the correspondent bank model. Cross-border payments are costly because of high fees charged by banks through the entire payment chain and expensive FX rates applied on currency conversions. Both bring about recipients receiving significantly less than expected and being overlooked of pocket. Payment speeds may also be inconsistent and slow, with typically a 3-5 day settlement period for a payment to credit the recipients account.

Paysends Instant Account Payments really helps to solve these issues by way of a $1 flat rate for just about any cross-border transfer around $100,000 along with transparent FX rates during payment in order to avoid any hidden fees. Paysends Open Payment Network is central to Instant Account Payments and orchestrates the end-to-end payment flow including payment initiation, processing, FX and settlement. The Open Payment Network has connections to local network partners and domestic instant payment schemes make it possible for consumers and businesses to send instant cross-border payments accounts globally. It does increase interoperability between instant payment systems all over the world and enables real-time cross-border payments by reducing the amount of intermediaries in the payment chain.

Users can easily and easily connect and send payments through Paysends Instant Account Payments by way of a self-service API or Paysend dashboard which removes friction and increases accessibility. Businesses can send funds instantly to 25 countries and currencies around the world with new currency corridors being continuously put into Paysends global payments network.

Budyakov continued: Sending funds all over the world ought to be simple, instant and low-cost. Our new Instant Account Payments extends this benefit to both our consumer and business users, enabling one to hook up to our network and immediately reap the benefits of low priced, secure, instant cross-border payments to accounts worldwide.

Go to the Paysend website for more information.

ABOUT PAYSEND

Paysend is really a next generation integrated global payment ecosystem, enabling consumers and businesses to cover and send money online anywhere, anyhow and in virtually any currency. Paysend is UK-based and contains global reach having been created in April 2017 with the clear mission to improve how money is moved all over the world. Paysend currently supports cross-network operability globally across Mastercard, Visa, China UnionPay and local ACH and payment schemes, providing over 40 payment options for online SMEs.

Paysend can send money to over 170 countries worldwide and contains attracted a lot more than seven million consumers to its platform. As a worldwide end-to-end payment platform, Paysend has its global network of banks and international and local payment systems and contains partnerships with the major international card networks Visa, Mastercard and China Union Pay as a principal member and certified processor.

For more info visit https://paysend.com.

Contact:

Alan Duerden

Head of PR and Communications

+44(0)7841 028307

a.duerden@paysend.com


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