UK-based FinTech Paysend Thursday (Sept. 15) announced in a press release the launch of Instant Account Payments which allow consumers and businesses to send instant cross-border payments between accounts up to a value of $100,000 to just $1 per payment.
Paysend users can now send payments using the firm’s global network spanning 25 countries and currencies.
To enable the instant transactions, Paysend’s Open Payment Network orchestrates the end-to-end payment flow including payment initiation, processing, foreign exchange (FX) and settlement, the firm stated.
Through connections to local network partners and domestic instant payment schemes, the Paysend Open Payment Network increases interoperability between instant payment systems around the world and enables real-time cross-border payments by reducing the number of intermediaries in the payment chain, per the release.
On the launch, Alexander Budyakov, Head of Enterprise at Paysend, said: “Whilst the demand for instant cross-border payments is clear, legacy cross-border payment services are still hampered by long-standing challenges of the correspondent bank model.
“Cross-border payments are costly due to high fees charged by banks throughout the payment chain and expensive FX rates applied on currency conversions. Both result in recipients receiving less than expected and being left out of pocket. Payment speeds are also inconsistent and slow, with typically a 3-5 day settlement period for a payment to credit the recipient’s account.”
Budyakov continued: “Sending funds around the world should be simple, instant and low-cost. Our new Instant Account Payments extends this benefit to both our consumer and business users, enabling anyone to connect to our network and immediately benefit from low cost, secure, instant cross-border payments to accounts worldwide.”
Read more: Deel, Paysend Partner on XBorder Contractor Payroll
In August, Paysend partnered with the Payroll solution developer Deel to help the firm offer instant card payments to employers. By using their bank card details, contractors can use the Deel feature to get paid immediately via the Mastercard or Visa network. Deel stated on its website that 90% of transfers arrive in 15 seconds or less.
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