Paysend teams up with Plaid to streamline money transfers
By Megha Bhattacharya
FinTech Paysend has teamed up with Plaid to provide their 3.5 million customers with open banking payments that enable fast, low-cost international money transfers. Paysend stated that it has enabled a smooth “click, confirm, and carry on” experience using Plaid’s open banking platform. As a result, Plaid’s instant payment initiation service reduces the time and clicks it takes to authorise a transfer by up to 80%.
In addition, with customer permissioned access to account transactions via Plaid, Paysend customers will get better insight into their own transaction data and will help improve their financial choices. Enhanced insight into their own financial data also helps prevent overspending at a time when effective money management has never been more important. As an added bonus, Paysend is now offering extra incentives for customers who send with Plaid’s Payment Initiation.
Keith Grose, Head of International, Plaid said, “In the face of economic challenges Covid-19 has brought on, fintech companies like Paysend provide an easier, more convenient, and lower-cost alternative for people to send money to friends and family abroad,” said Keith Grose, Head of International at Plaid. “With Plaid’s Open Banking payments, Paysend can offer a solution that keeps costs low and improves the user experience. Ultimately, that means their customers can send money with less hassle and get to keep more of it in their wallets.”
Recently, Paysend announced a partnership with Mastercard in a bid to boost its reach and customer base, starting with the UK and EEA. According to the company, the new partnership will support its global approach by offering a platform for strategic expansion, therefore increasing the capacity for inter-regional transactions.
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