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Paysend launches next gen currency service

OpenBankingExpo |

Paysend Connect, powered by Open Banking software provider Crassula, will give companies access to integrated banking and payment services as well as enable businesses to provide fintech solutions to their customers.

The platform allows firms to open multi-currency business accounts, make SEPA and SWIFT transfers – the two most common ways to transfer money internationally – as well as process online payments and issue corporate MasterCards with no purchase fees.

Financial institutions and payment service providers can also use Paysend Connect to launch further fintech services via the technology provided by Crassula.

Founded in 2015, Crassula provides solutions for businesses to create financial products including online payments system, e-wallets, and cryptocurrency exchange products.

Paysend said its new service will allow firms such as telecoms companies, retailers, social networks and other businesses to embed white labelled fintech products, including payment accounts, to their platforms within days.

“Paysend Connect removes the hassle and complexity for business owners wanting to open up a multi-currency business payment account,” said CEO Ronald Millar. “By supporting businesses to do this quickly and simply, we help them to focus on their commercial operations.”

The platform launch follows Paysend’s announcement in September that it had hit the one million customer milestone. The company secured £8.5m ($10.6m) in further funding this year, bringing its total investment raised to around $30.7m.