Paysend customers will now be able to make instant cross-border payments to up to 25 countries with the launch of Instant Account Payments.
The UK fintech will enable its customers to make global transactions for $1 per payment, being able to send as much as $100,000. By connecting to Paysend’s global payments network, customers can send funds in up to 25 different currencies.
“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 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. 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.”
According to a GlobalData report, instant payments volume reached $70.4bn in 2020 and continues its growth into 2024, where it is expected to rise to $200bn. This surge in instant payment adoption is indicative of consumer and merchant behaviour who increasingly prefer a quicker and seamless payment journey.
Instant cross-border payments have also increased in popularity over recent years, as GlobalData noted that it is expected to increase 30% and surpass 200bn transactions by 2024.
By identifying this shift in consumer behaviour, Paysend will look to facilitate the speed of these transactions by connecting its customers to its open payment network which orchestrates end-to-end payments through its local network partners and domestic instant payment schemes.
Budyakov added: “Sending funds around the world should be simple, instant and low-cost. Our new Instant Account Payments extend 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 payment to accounts worldwide.”