Paysend enables instant cross border payments in 25 countries

Friday 16 September 2022 13:59 CET | News

UK-based fintech Paysend has launched Instant Account Payments, which allows clients to send instant cross-border payments of up to USD 100,000 for USD 1 per payment.


Paysend’s Instant Account Payments is available for a USD 1 flat fee for any cross-border transfer up to USD 100,000, as well as transparent FX rates at the time of payment to avoid any hidden fees. Paysend’s Open Payment Network is central to Instant Account Payments and orchestrates the end-to-end payment flow, including payment initiation, processing, FX, and settlement.

The Open Payment Network has connections to local network partners and domestic instant payment schemes, enabling consumers and businesses to send instant cross border payments accounts globally. It increases interoperability between instant payment systems worldwide and enables real-time cross border payments by reducing the number of intermediaries in the payment chain.

Paysend has launched Instant Account Payments, which allows clients to send instant cross-border payments of up to USD 100,000 for USD 1 per payment.


The evolution of instant payments

Instant payments volume reached USD 70.4 billion in 2020 and is expected to reach USD 200 billion by the end of 2024, according to GlobalData. The rise of instant payments has shifted the expectations of consumers and businesses alike, who have experienced greater speed, ease, and reliability when making domestic payments and now expect a similar experience when making payments to other countries.

Instant cross-border payments are expected to grow at a CAGR of over 30% by 2024, surpassing 200 billion by 2024. The key drivers include the COVID-19 pandemic, an increase in global remittances and trade and the rise of global on-demand services and ecommerce marketplaces.

What hinders wide-scale adoption of cross-border payments?

Company officials stated that 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. Payment speeds are also inconsistent and slow, with typically a 3-5 day settlement period for a payment to credit the recipient’s account.

Users can quickly and easily connect and send payments through Paysend’s Instant Account Payments through a self-service API or Paysend dashboard, which removes friction and increases accessibility. Businesses can send funds instantly to 25 countries and currencies worldwide, with new currency corridors continuously added to Paysend’s global payments network.

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Keywords: cross-border payments, instant payments, FX , expansion, API
Categories: Payments & Commerce
Companies: Paysend
Countries: World
This article is part of category

Payments & Commerce


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