- Paysend, a financial technology company in the UK, has confirmed that it will be offering a new product known as Instant Account Payments.
- Customers and firms can now make international money transfers to well over 20 countries across the globe using the new Paysend system.
- “Whilst the demand for instant cross-border payments is clear, legacy cross-border payment services are still hampered by long-standing challenges of the correspondent bank model,” said a spokesperson for the firm.
Paysend, a financial technology company in the UK, has confirmed that it will be offering a new product known as Instant Account Payments.
Customers and firms can now make international money transfers using the new Paysend system.
These are instant payments and can accommodate a wide range of values. The maximum value that can be transferred is $100,000, and the cost of making the transfer is in some cases just $1 per payment.
The firm’s network is international in reach and covers 25 nations across the globe, as well as accomodating a large number of currencies.
The new system relies on Open Payment Network, which is a tool developed by Paysend.
This tool covers most aspects of the payment process, including settlement, processing, foreign exchange and payment initiation.
In a statement, a senior figure at the company said that demand for fast payments across the globe was obvious.
“Whilst the demand for instant cross-border payments is clear, legacy cross-border payment services are still hampered by long-standing challenges of the correspondent bank model,” explained Alexander Budyakov, head of enterprise at Paysend.
“Cross-border payments are costly due to high fees charged by banks throughout the payment chain and expensive FX rates applied on currency conversions,” he continued.
“Both result in recipients receiving less than expected and being left out of pocket. Payment speeds are also inconsistent and slow, with typically a 3-5 day settlement period for a payment to credit the recipient’s account,” he said.
“Sending funds around the world should be simple, instant and low-cost. Our new Instant Account Payments extends this benefit to both our consumer and business users, enabling anyone to connect to our network and immediately benefit from low-cost, secure, instant cross-border payments to accounts worldwide.”
To get more information about the state of the international payments sector and how it can help people like you or organisations like yours, please head over to our money transfer reviews pages.
