Paysend and Mastercard Expand Partnership on X-Border Payments

U.K.-based FinTech Paysend and Mastercard have expanded their longstanding partnership to enhance cross-border payments for small and medium-sized businesses (SMBs).

This partnership aims to address the challenges faced by SMBs in sending and receiving money or paying vendors across the globe quickly and securely, the companies said in a Tuesday (Sept. 12) press release.

Digital payments are experiencing significant growth, but transparency and predictability remain obstacles in this process, according to the release. SMBs find cross-border payments cumbersome, which slows down their supply chain, and some report that suppliers have refused to work with them due to uncertainty over payment times.

To tackle these challenges, Mastercard and Paysend have developed the Open Payment Network, the release said. This joint solution enables SMBs to send and receive payments to and from various developed and emerging markets quickly, 24/7 and 365 days a year. The Open Payment Network facilitates end-to-end payment flows, from initiation to settlement, and enables near real-time payments through connections with local network partners and instant payment schemes.

Mark Barnett, president of Mastercard Europe, said in the release that the deepening of the collaboration with Paysend will empower SMBs to pay and get paid promptly.

Abdul Abdulkerimov, co-founder and chairman of Paysend, highlighted the shared vision between Paysend and Mastercard in providing innovative financial products and solutions to customers.

In addition to the collaboration on the Open Payment Network, Paysend has joined the Mastercard Send Partner Program, according to the press release. This program enables FinTechs, acquirers, processors and platforms to deliver near real-time digital payments to their customers.

Paysend will benefit from Mastercard’s extensive network reach, opening up new corridors between Europe and the rest of the world for person-to-person transactions, the release said.

PYMNTS Intelligence has found that three-quarters of SMBs are dissatisfied with their current cross-border payment solutions.

While the rise of digitally powered businesses has opened new possibilities for innovative retailers and platforms, a lack of access to necessary financial services to power their international reach is a key constraint, according to “International B2B Payments: A Guide for Entrepreneurs and Digital Businesses,” a PYMNTS and Payoneer report.

The report also found that 27% of SMBs see the complexity of cross-border payments as a hindrance to their ability to grow.

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