Paysend expands into US market with central payments partnership
Global money transfer provider brings streamlined, inexpensive cross-border payment option to American consumers
UK-based Paysend, today announced that its globally-recognized money transfer service is now available for American consumers, providing an affordable, accessible alternative solution for cross-border transactions. The company’s move to the United States is enabled by Paysend’s new partnership with Central Payments, the payments subsidiary of Central Bank of Kansas City.
With the growing demand for fast, low-cost money transfers, coupled with the ongoing shift to a digitalization of financial services, Paysend’s presence in the US market is pivotal. Leveraging its fully-functional, scalable and redundant processing system, American residents can securely send funds to a bank account in 70 countries within minutes — without visiting a physical bank location.
Paysend is launching its American operations on the West Coast under the leadership of Matt Montes, who will serve as general manager of the company’s US business. Montes has nearly 30 years’ financial services experiences, most recently serving as president of Catalina Card Services. Previously, he founded and led AccountNow, the first online D2C prepaid debit card company in the U.S., which was acquired by Green Dot Corporation.
Providing Fast, Affordable Cross-Border P2P Payments
While the US is home to the largest global transfer market in the world, with users transferring more than $148b internationally every year, consumers struggle to find fast, affordable and convenient means of transferring money across borders. According to recent data from Pew Research Center and the World Bank, the countries receiving the most remittance payments from the US are Mexico ($30b), China ($16b), India ($11b), Philippines ($11b), Nigeria ($5b) and Vietnam ($7b). In these developing countries, money transferred from the US often represents meaningful income for families, financial aid during a crisis, support for students abroad, and more.
“Since 2017, Paysend has eliminated borders by enabling over 2 million global citizens to connect via fast and affordable money transfers,” said Ronald Millar, Paysend CEO. “Now, we are breaking down one of the world’s largest borders – the United States – to help people transfer money from America to loved ones around the world, without leaving the comfort and safety of their homes. Today’s announcement is a large step towards fulfilling our mission to change how money is moved around the world.”
“Our partnership with Paysend continues the Central Payments mission to power the most innovative products in fintech,” added Trent Sorbe, president and founder of Central Payments. “Paysend’s US launch and the availability of its simple, low-cost transfer solution is particularly timely as consumers look for cashless money transfer options that can be done from anywhere.”
