Paysend and Visa Extend Global Payments Partnership 

Paysend and Visa have recently announced a significant extension of their global money movement partnership through Visa Direct, reaffirming their commitment to providing seamless financial services, according to Finextra News. This five-year extension marks a pivotal moment in their collaboration, solidifying their mission to enhance payment solutions across borders.

Under this extended partnership, Paysend and Visa are set to broaden the horizons of their earlier CurrencyCloud alliance, now incorporated into Visa Cross-Border Solutions. This expansion will transcend the current boundaries of domestic and international transactions. As part of their growth strategy, both companies will embark on several joint marketing initiatives, with a keen focus on vital markets like the US-LATAM corridor.

The Visa Direct program, driven by Visa’s expansive VisaNet global network, supports payments across a staggering 170 countries and territories. On the other side of the equation, Paysend serves a vast customer base of seven million individuals, primarily consumers. Through strategic partnerships with leading banks and card providers, Paysend has also placed considerable emphasis on addressing the payment challenges faced by small and medium-sized businesses (SMEs). This dedication to SMEs is exemplified by their ongoing partnership with Mastercard.

As reported by Finextra earlier this week, the collaboration between Paysend and Mastercard, aptly named the «Open Payment Network,» underscores the pressing needs of SMEs for robust end-to-end payment solutions. While the partnership does support consumer payment transfers, it distinguishes itself by placing special emphasis on resolving supply-chain issues that hinder the growth of smaller companies, as well as their suppliers and customers worldwide.

The Paysend-Mastercard partnership aims to facilitate «real-time payments through connections with local network partners and instant payment schemes.» This innovative approach empowers SMEs to conduct global transactions effortlessly, ensuring timely and secure payments at every step of the way.

The Paysend and Visa extension signifies a substantial step towards enhancing global payments and fostering financial inclusivity. Their continued collaboration promises to bring convenience and efficiency to a wide range of consumers and businesses, both large and small, around the world.

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