Money transfer platform Paysend and Plaid, which powers FinTech products, have teamed up on international transfers.
In Brief:
Plaid is helping Paysend make transfers “cheaper and faster” for its customers.
Paysend currently serves about 3.4mn people.
Plaid’s open banking platform enables Paysend to offer a “click, confirm and carry on” service which doesn’t involve typing in a card number or a manual bank transfer.
What does this mean?
The businesses have cited the impact of Covid-19 on foreign workers as a key reason to prioritise international payments. The idea behind this development is that the time and clicks taken to authorise a transfer are reduced by up to 80% - so workers can transfer money back to their home country, and vice versa, faster.
Keith Grose, Head of International at Plaid, said: “With Plaid’s open banking payments, Paysend can offer a solution that keeps costs low and improves the user experience. Ultimately, that means their customers can send money with less hassle and get to keep more of it in their wallets.”
