back Back

Paysend enables consumers and businesses to send instant cross border payments in 25 countries

By Edlyn Cardoza

September 15, 2022

  • API
  • Cross Border Payments
  • E - Commerce

Paysend, API, Instant Account Payments, FinTech, Cross Border Payments, Instant Payments, GlobalData, e-commerce, Open Payment Network, UK Paysend, the UK-based FinTech with over 7 million customers, announced the launch of Instant Account Payments, which gives consumers and businesses the ability to send instant cross border payments of up to $100,000 to accounts for just $1 per payment. Users can quickly connect to Paysend’s global payments network and instantly and cost-effectively send funds to 25 countries and currencies seven days per week, 365 days per year.

Instant payments volume reached $70.4 billion in 2020 and is expected to reach $200 billion by the end of 2024, according to GlobalData. The rise of instant payments has shifted the expectations of consumers and businesses alike, who have experienced greater speed, ease and reliability when making domestic payments and now expect a similar experience when making payments to other countries. Instant cross-border payments are expected to grow at a CAGR of over 30% by 2024, surpassing 200 billion by 2024. The key drivers include the COVID-19 pandemic, an increase 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: “Whilst the demand for instant cross-border payments is clear, legacy cross-border payment services are still hampered by long-standing challenges of the correspondent bank model. Cross-border payments are costly due to high fees charged by banks throughout the payment chain and expensive FX rates applied on currency conversions. Both result in recipients receiving less than expected and being left out of pocket. Payment speeds are also inconsistent and slow, with typically a 3-5 day settlement period for a payment to credit the recipient’s account.”

Paysend’s Instant Account Payments helps to solve these issues through a $1 flat fee for any cross border transfer up to $100,000, as well as transparent FX rates at the time of payment to avoid any hidden fees. Paysend’s 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, enabling consumers and businesses to send instant cross border payments accounts globally. It increases interoperability between instant payment systems worldwide and enables real-time cross border payments by reducing the number of intermediaries in the payment chain.

Users can quickly and easily connect and send payments through Paysend’s Instant Account Payments through a self-service API or Paysend dashboard, which removes friction and increases accessibility. Businesses can send funds instantly to 25 countries and currencies worldwide, with new currency corridors continuously added to Paysend’s global payments network.

Budyakov continued: “Sending funds around the world should be simple, instant and low-cost. Our new Instant Account Payments extends this benefit to both our consumer and business users, enabling anyone to connect to our network and immediately benefit from low cost, secure, instant cross-border payments to accounts worldwide.”

Previous Article

September 15, 2022

LianLian Global launches world’s first cross-border supplier payments guarantee to China

Read More
Next Article

September 15, 2022

Niyo, an Indian FinTech rolls out its second ESOP buyback plan

Read More

IBSi Daily News Analysis

Merchants, payments, UAE

July 15, 2024


Global wealth growth rebounds with major shifts expected by 2030, research reveals

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

July 15, 2024

Open Payment Technologies launches Kuady digital wallet app in LatAm

Read More

July 15, 2024

FREENOW & Alipay+ join forces to boost travel experience for Asian tourists

Read More

July 15, 2024

Flipkart & BillDesk launch 5 new digital payment offerings & categories

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q2 2024
Know More
Wealth Management & Private Banking Systems Report Q2 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
Get your copy now! IBSi Sales League Table 2024