Mastercard has partnered with UK-based fintech Paysend to augment cross-border payments for SMEs looking to pay vendors across the globe quickly and securely. While digital payments are seeing strong growth with two-thirds of SMEs sending and receiving cross-border payments through mobile apps according to Mastercard’s 2022 Borderless Payments Report, challenges still exist around transparency and predictability.

39% of SME respondents said that cumbersome cross-border payments slow their supply chain and one quarter reported that suppliers had refused to work with them because of uncertainty over payment times. Open Payment Network to facilitate global SME transactions Mastercard and Paysend are working together to enable SMEs to send and receive payments to and from a range of developed and emerging markets quickly 24/7 and 365 days a year. This joint from the two companies, called Open Payment Network, orchestrates end-to-end payment flows, from initiation to settlement, and enables near real-time payments through connections with local network partners and instant payment schemes.

Officials from Mastercard said they are excited to deepen their collaboration with Paysend to empower small and medium businesses to pay and get paid promptly. At Mastercard, they are committed to helping SMEs grow and thrive in the digital economy. Also commenting on this partnership, representatives from Paysend stated that with a shared vision to provide innovative financial products and solutions to their customers, Mastercard has been a key collaborator to them on the journey to improve the efficiency of the financial system and make cross-border payments safe, fast, and convenient.

The Open Payment Network empowers SMEs to transact globally with ease, ensuring timely and secure payments. Paysend has also joined the Mastercard Send Partner Programme, which helps fintechs, acquirers, processors, and platforms deliver near real-time digital payments to their customers. Paysend will benefit from Mastercard’s network reach, enabling the company to open up new corridors between Europe and the rest of the world for person-to person transactions.

The programme is an integral part of Mastercard’s mission to power an inclusive digital economy that benefits everyone, everywhere. .