Paysend and Mastercard Unite to Improve Cross-Border Payments for SMBs

In a groundbreaking move, UK-based FinTech company Paysend and global payment giant Mastercard have bolstered their longstanding partnership to bring about substantial improvements in cross-border payments for small and medium-sized businesses (SMBs), as reported by PYMNTS. 

The primary objective of this enhanced collaboration is to confront the persistent challenges faced by SMBs when it comes to swiftly and securely sending and receiving funds or making payments to vendors across international borders. In a press release issued on Tuesday, September 12, both companies underlined their commitment to facilitating seamless global transactions for SMBs.

Despite the significant growth of digital payments, transparency and predictability continue to be major hurdles in the process. SMBs often encounter cumbersome procedures in cross-border payments, resulting in delayed supply chains. Some even report supplier reluctance to engage with them due to the uncertainty surrounding payment timelines.

To overcome these obstacles, Mastercard and Paysend have jointly developed the Open Payment Network, a comprehensive solution designed to empower SMBs. This innovative network enables SMBs to execute payments swiftly to and from various developed and emerging markets, 24/7, 365 days a year. The Open Payment Network streamlines the entire payment process, from initiation to settlement, and facilitates near real-time transactions through connections with local network partners and instant payment schemes.

Mark Barnett, President of Mastercard Europe, expressed his optimism in the press release, stating that the deepened partnership with Paysend will enable SMBs to conduct timely financial transactions with ease.

Abdul Abdulkerimov, Co-founder and Chairman of Paysend, emphasized the alignment of vision between Paysend and Mastercard in delivering cutting-edge financial products and solutions to their customers.

In addition to their collaboration on the Open Payment Network, Paysend has also joined the Mastercard Send Partner Program. This program empowers FinTechs, acquirers, processors, and platforms to provide nearly real-time digital payments to their clientele. Paysend will leverage Mastercard’s extensive network reach, establishing new transaction corridors between Europe and the rest of the world for person-to-person transfers.

A recent report by PYMNTS Intelligence revealed that a staggering three-quarters of SMBs are dissatisfied with their existing cross-border payment solutions. While the digital revolution has opened up new horizons for innovative retailers and platforms, the lack of access to essential financial services for expanding their global footprint remains a significant constraint. The report, titled «International B2B Payments: A Guide for Entrepreneurs and Digital Businesses,» produced in collaboration with Payoneer, also highlighted that 27% of SMBs consider the complexity of cross-border payments as a hindrance to their growth potential.

This strategic partnership between Paysend and Mastercard is poised to redefine the cross-border payment landscape for SMBs, offering them a seamless and efficient means to conduct international financial transactions.