Paysend launches Open Banking Payment Initiation with Plaid
LONDON – 14 DECEMBER, 2022
Paysend, the UK-based fintech with 6 million customers, today announces the launch of a new Open Banking Payment Initiation partnership with Plaid, an open banking network that powers digital finance. Through the partnership, Paysend will provide an additional secure solution for its Business customers to receive payments, helping to improve their checkout conversion rates, reduce transaction processing fees and enhance their anti-fraud capabilities.
The Open Banking Payment Initiation partnership will enable merchants to connect with their customers’ banks via Plaid and initiate a payment through open banking rails instead of traditional payment methods like cards or direct debits. The end customer confirms a payment, pushes funds from their account and Paysend then makes them available to the merchant the next day. This process is significantly cheaper for merchants than standard card payments, helping them run and grow their businesses for less whilst providing a simple and secure payment method to their customers.
Сustomers will not need to enter their card numbers to make a payment and merchants will not need to hold consumer payment details, streamlining the payment flow process and making payments quicker and more convenient. Small and medium-sized enterprises (SMEs) will benefit from a transaction fee up to 45% lower than average card payments, with improved conversion rates and high-level security, resulting in fewer chargebacks. The solution will initially be available for payments made from UK bank accounts, with plans to roll out across Europe in 2023.
Ashley Mallett, Head of Business at Paysend, said:
“Launching Open Banking Payment Initiation will give companies a secure, user-friendly, and cost-effective way to accept online payments in the UK. Through Plaid, customers can connect to a global network of 12,000 financial institutions, including the CMA9 and many other longtail institutions. As this Payment initiative debits customer accounts, avoiding card scheme involvement, companies can significantly reduce costs and diversify their supply chain by utilising our next-generation product.“
Earlier this year, Paysend launched Paysend Business to help accelerate the financial growth of SMEs by delivering an ecosystem of end-to-end digital payments solutions and other tools to help boost growth and help SMEs to diversify. By creating more opportunities for SMEs to connect around the globe, the partnership with Plaid can help businesses improve the security and speed of their payments to focus on growth.
To find out more about Paysend Business, visit
https://paysend.com/en-gb/business/acquiring.
ABOUT PAYSEND
Paysend is a next generation integrated global payment ecosystem, enabling consumers and businesses to pay and send money online anywhere, anyhow and in any currency. Paysend is UK-based and has global reach having been created in April 2017 with the clear mission to change how money is moved around the world. Paysend currently supports cross-network operability globally across Mastercard, Visa, China UnionPay and local ACH and payment schemes, providing over 40 payment methods for online SMEs.
Paysend can send money to over 170 countries worldwide and has attracted over six million consumers to its platform. As a global end-to-end payment platform, Paysend has its own global network of banks and international and local payment systems and has partnerships with the major international card networks Visa, Mastercard and China Union Pay as a principal member and certified processor.