Paysend, the UK-based fintech company, with over 8 million customers, announces a technology partnership with JMMB Money Transfer, a subsidiary of JMMB Group, to provide secure and affordable deposit-to-account transfers to family and friends in Jamaica. Jamaicans can now receive remittances from their loved ones in the UK, USA, and Canada via the Paysend App.
When conducting business overseas, companies of all sizes can be hampered by slow payment times, high costs and limited transfer options. However, these barriers are particularly cumbersome for SMEs, which have fewer resources in terms of workforce and cash to spare. To thrive, young companies need space to focus on growth and access to international markets rather than a lengthy financial administration. So why, in today’s digital and globalised landscape, do SMEs still face inefficient processes when doing business internationally?
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.