Paysend Launches Instant Account Payments, Enables Clients to Send Instant Cross-Border Payments to Accounts in 25 Countries

The UK-based fintech Paysend yesterday announced the launch of Instant Account Payments, which give consumers and businesses the ability to send instant cross-border payments of up to $100,000 to accounts for just $1 per payment. Users can quickly connect to Paysend's global payments network and instantly and cost-effectively send funds to 25 countries and currencies seven days per week, 365 days per year. 

Alexander Budyakov, Head of Enterprise at Paysend, 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. 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 the firm, its Instant Account Payments helps to solve these issues through a $1 flat fee for any cross-border transfer up to $100,000 as well as transparent FX rates at the time of payment to avoid any hidden fees. Its Open Payment Network is central to Instant Account Payments and orchestrates the end-to-end payment flow including payment initiation, processing, FX and settlement.

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.