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The Open Banking Payment Initiation partnership will enable merchants to 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. The end customer confirms a payment, pushes funds from their account and Paysend then makes them available to the merchant the next day. This process is significantly cheaper for merchants than standard card payments, helping them run and grow their businesses for less whilst providing a simple and secure payment method to their customers.
With Paysend Libre – powered by Mastercard Send technology – U.S. customers simply use a recipient’s phone number to send them funds. As soon as the funds are sent, the recipient receives a notification with a link to log in via Paysend’s website or app. Unbanked recipients and those without a debit card, will be issued a free Paysend virtual Mastercard that can be used to make online purchases or withdraw funds from thousands of Cajero 5B ATMs - providing them with a digital financial tool that gives them greater control of their money and enables them to participate in the digital financial system.
With features such as low fixed fees, upfront exchange rates, fast transfer speeds, and the ability to make digital end-to-end international payments in near real-time, Paysend has maintained its 4.5 Excellent rating on Trustpilot.
Paysend, the UK-based fintech with over 7 million customers, today announces the launch of Instant Account Payments, that give 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.
