Paysend launches Open Banking Payment initiation partnership with Plaid
LONDON – 14 DECEMBER, 2022 – Paysend, the UK-based fintech with 6 million customers, today announces the launch of a new Open Banking Payment Initiation partnership with Plaid, an open banking network that powers digital finance. Through the partnership, Paysend will provide an additional secure solution for its Business customers to receive payments, helping to improve their checkout conversion rates, reduce transaction processing fees and enhance their anti-fraud capabilities.
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.
Сustomers will not need to enter their card numbers to make a payment and merchants will not need to hold consumer payment details, streamlining the payment flow process and making payments quicker and more convenient. 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.
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 to help boost growth and help SMEs to diversify. 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.
To find out more about Paysend Business, visit
https://paysend.com/en-de/business/enterprise
ABOUT PAYSEND
Paysend is a next generation integrated global payment ecosystem, enabling consumers and businesses to pay and send money online anywhere, anyhow and in any currency. Paysend is UK-based and has global reach having been created in April 2017 with the clear mission to change how money is moved around the world. Paysend currently supports cross-network operability globally across Mastercard, Visa, China UnionPay and local ACH and payment schemes, providing over 40 payment methods for online SMEs.
Paysend can send money to over 170 countries worldwide and has attracted over six million consumers to its platform. As a global end-to-end payment platform, Paysend has its own global network of banks and international and local payment systems and has partnerships with the major international card networks Visa, Mastercard and China Union Pay as a principal member and certified processor.
For further information, visit https://paysend.com.
Ultimele postări
Paysend, the global fintech innovator, proudly marks its 8th anniversary celebrating nearly a decade of bold innovation, strategic partnerships, and customer-driven growth.
Founded in the UK in 2017, Paysend has evolved from a cross-border money transfer startup into a leading global fintech company with a clear mission: to simplify money transfer for all by building the world’s largest open, instant digital payments network. Today, Paysend generates over $100 million in annual revenue and serves over 11 million consumers alongside a growing base of enterprise clients—including global leaders in the money movement and high-growth platforms payroll space.
We’ve been working on a new way for businesses to receive and move funds between their corporate accounts globally and in real-time. We know that moving funds cross-border between corporate accounts can take days to settle and can be expensive which leads to your funds being trapped in pre-funding accounts or cross-border payment processing cycles.