UK-based fintech company Paysend has announced the launch of instant cross-border payouts to China UnionPay cards for its Enterprise customers. By introducing the new capability, Paysend intends to enable businesses to utilise the reach and reliability of its Enterprise single API to conduct cross-border transactions directly to UnionPay cards issued in China.

This aims to complement the Visa, Mastercard, and Account Payout features to more than 165 countries currently provided by the company. Additionally, firms are set to be able to embed payouts to UnionPay cards into their workflow, allowing them to benefit from real-time FX rates and notifications, which in turn ensures their payment needs are constantly met. The decision to launch the new service can be attributed to the current payment landscape, where businesses face several complexities when transferring funds to China, mainly due to the limited support for UnionPay cards. This frequently leads to delayed transactions, increased costs, and operational difficulties.

Paysend Enterprise feature and how businesses can benefit from it Through this launch, Paysend intends to address the aforementioned challenges by supporting direct transfers to China UnionPay cards. By integrating UnionPay into customers’ existing API, organisations are set to be able to process instant and secure payments to the region, thus minimising transaction times and costs. Also, by being accessible via a single API integration, the feature mitigates the need to maintain several payout partner integrations and frees up time and resources.

Paysend’s capability is included in the existing Enterprise Payout to Card API, which in turn enables current customers to immediately benefit from it. On the other hand, new users can get started by accessing the Enterprise sandbox, reviewing the API documentation, and testing with pre-configured mock cases and dedicated integration support. Furthermore, representatives from Paysend highlighted that the current expansion underlines their company’s commitment to equipping its customers with a wide network and an advanced global reach. Paysend’s mission was also supported by a USD 65 million capital injection from November 2023, with the firm leveraging the funds to continue its development and overall growth journey while maintaining its focus on offering customers secure and efficient tools that meet their needs and demands.

Source: Link .