UK-based integrated payment ecosystem Paysend has unveiled Instant Account Payments to cater to consumers and businesses across 25 countries.
The new offering enables users to make quick cross-border payments of up to $100,000 to accounts by connecting to Paysend’s global payments network.
This service is available round the year and charges only $1 per transaction, with a self-service Application Programming Interface (API) eliminating friction in the process.
Paysend’s Instant Account Payments also ensures ‘transparent’ Foreign Exchange (FX) rates at the time of payment, stated the firm.
Based on Paysend’s Open Payment Network, the new service enables end-to-end payment flow including payment initiation, processing, FX as well as settlement.
Furthermore, the Open Payment Network is linked to local network partners and instant payment schemes allowing real-time payments and avoiding intermediaries in the process.
Paysend Enterprise head Alexander Budyakov said: “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.
“Cross-border payments are costly due to high fees charged by banks throughout the payment chain and expensive FX rates applied on currency conversions. Both result in recipients receiving less than expected and being left out of pocket. “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.”