back Back

Paysend enters Open Banking Payment initiation partnership with Plaid

By Gloria Methri

December 16, 2022

  • European SMEs
  • FinTech
  • Online Payments
Share

Paysend, Plaid, Digital Financial, FinTech, ACH Payments, Payments- as -a-Service, UKUK-based FinTech Paysend has launched a new Open Banking Payment Initiation partnership with Plaid. The partnership will enable Paysend to provide an additional secure solution for its business customers to receive payments, improve their checkout conversion rates, reduce transaction processing fees, and enhance anti-fraud capabilities.

Merchants can connect with their customers’ banks via Plaid and initiate a payment through open banking rails instead of traditional payment methods like cards or direct debits. Once the end customer confirms payment and pushes funds from their account, Paysend makes them available to the merchant the next day.

Сustomers don’t need to enter their card numbers to make a payment and merchants will not need to hold consumer payment details.

Paysend says small and medium-sized enterprises (SMEs) will benefit from a transaction fee up to 45% lower than average card payments, with improved conversion rates and high-level security, resulting in fewer chargebacks. The solution will initially be available for payments made from UK bank accounts, with plans to roll out across Europe in 2023.

Ashley Mallett, Head of Business at Paysend, said, “Launching Open Banking Payment Initiation will give companies a secure, user-friendly, and cost-effective way to accept online payments in the UK. Through Plaid, customers can connect to a global network of 12,000 financial institutions, including the CMA9 and many other longtail institutions. As this Payment initiative debits customer accounts, avoiding card scheme involvement, companies can significantly reduce costs and diversify their supply chain by utilising our next-generation product.”

Earlier this year, Paysend launched Paysend Business to help accelerate the financial growth of SMEs by delivering an ecosystem of end-to-end digital payments solutions and other tools. By creating more opportunities for SMEs to connect around the globe, the partnership with Plaid can help businesses improve the security and speed of their payments to focus on growth.

Previous Article

December 16, 2022

TECH5 Group enters into a strategic partnership and invests in uqudo

Read More
Next Article

December 16, 2022

EvoShare and Paysign partner to bring savings and reward opportunities to cardholders

Read More






IBSi Daily News Analysis

regulations,

June 11, 2024

European SMEs

Payments industry urges delay of APP fraud rules amid leadership change at Payment Systems Regulator

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

Today

5 RegTechs enhancing compliance for India’s BFSI sector

Read More

Today

Commencis launches new Turkish LLM for banking & financial services

Read More

Today

Omnipresent taps Mangopay to power new global employment product

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 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!
close-link
Get your copy now! IBSi Sales League Table 2023