Mastercard, the global payment processor and Paysend, a UK-based fintech, have expanded their collaboration to enhance cross-border payments for small and medium enterprises (SMEs). This comes as SMEs are increasingly looking for ways to send money or pay vendors across the globe quickly and securely.
Digital payments are seeing strong growth with two-thirds of SMEs sending and receiving cross-border payments through mobile apps. According to the Mastercard 2022 Borderless Payments Report, challenges still exist around transparency and predictability. In fact, 39 per cent of SME respondents said that cumbersome cross-border payments slow their supply chain. Furthermore, one quarter reported that suppliers had refused to work with them because of uncertainty over payment times.
Mastercard and Paysend are working together to enable SMEs to send and receive payments to and from a range of developed and emerging markets quickly 24/7 and 365 days a year. This latest joint solution from Mastercard and Paysend, called Open Payment Network, orchestrates end-to-end payment flows, from initiation to settlement. It also enables near real-time payments through connections with local network partners and instant payment schemes.
“With a shared vision to provide innovative financial products and solutions to our customers, Mastercard has been a key collaborator to us on our journey to improve the efficiency of the financial system and make cross-border payments safe, fast and convenient,” says Abdul Abdulkerimov, co-founder and chairman, Paysend. “The Open Payment Network empowers SMEs to transact globally with ease, ensuring timely and secure payments at every step of the way.”
Paysend has also joined the Mastercard Send Partner Program. This helps fintechs, acquirers, processors and platforms deliver near real-time digital payments to their customers.
Paysend will benefit from Mastercard’s network reach, enabling the company to open up new corridors between Europe and the rest of the world for person-to person transactions. The program is an integral part of Mastercard’s mission to power an inclusive digital economy that benefits everyone, everywhere.