Mastercard and Paysend join forces to improve cross-border payments for small businesses, meeting growing demand for efficient international transactions.
The international payment processor Mastercard and the UK-based fintech Paysend have increased their cooperation to improve cross-border payments for small and medium-sized businesses (SMEs). This occurs at a time when SMEs are increasingly looking for rapid, safe solutions to transmit money or pay suppliers abroad.
With two-thirds of SMEs sending and receiving cross-border payments via mobile apps, digital payments are booming. The Mastercard 2022 Borderless Payments Report indicates that there are still issues with predictability and transparency. In fact, 39% of SME respondents claimed that their supply chain is slowed down by complicated cross-border payments. Additionally, one-quarter of respondents claimed that their suppliers had turned them down due of the ambiguity surrounding payment terms.
In order to help SMEs quickly send and receive payments to and from a variety of developed and emerging markets, Mastercard and Paysend are collaborating. This collaboration is ongoing 24/7/365. Open Payment Network, the newest collaborative product from Mastercard and Paysend, orchestrates end-to-end payment processes from initiation to settlement. Through connections with nearby network partners and instant payment systems, it also makes it possible to make payments in close to real time.
“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 of Paysend. “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 security of the financial system and make cross-border payments quick and easy.” “The Open Payment Network enables SMEs to conduct business across borders with ease, ensuring prompt and secure payments at every step of the way.”
Also a member of the Mastercard Send Partner Program is Paysend. This supports the provision of nearly real-time digital payments to customers by fintechs, acquirers, processors, and platforms.
Due to Mastercard’s extensive network, Paysend will be able to establish new pathways for person-to-person trade between Europe and the rest of the world. The initiative is a crucial component of Mastercard’s ambition to power a global, inclusive digital economy.
