Mastercard and UK fintech company Paysend have announced an expanded collaboration to improve cross-border payments for small and medium-sized enterprises (SMEs). SMEs are increasingly seeking fast and secure ways to send money or pay vendors worldwide. While digital payments are growing, challenges remain in terms of transparency and predictability. According to Mastercard’s 2022 Borderless Payments Report, 39% of SMEs experience delays in their supply chains due to cumbersome cross-border payments, and 25% have had suppliers refuse to work with them because of payment uncertainty. The collaboration between Mastercard and Paysend aims to enable SMEs to send and receive payments quickly and consistently throughout the year. The partnership will introduce the Open Payment Network, an end-to-end solution that facilitates near real-time payments via connections with local network partners and instant payment schemes. The program will be part of Mastercard’s mission to build an inclusive digital economy that benefits all. Paysend will also join the Mastercard Send Partner Program, which enables near real-time digital payments for its customers. The program will allow Paysend to open up new corridors between Europe and the rest of the world for person-to-person transactions. Mastercard and Paysend have a longstanding relationship, and Paysend positions itself as a next-generation global payment ecosystem that enables businesses and consumers to send and pay money online in any currency, anywhere in the world. Paysend supports over 40 payment methods for online SMEs, facilitating cross-network operability globally and with local ACH and payment schemes.
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