PaidBy Partners with Mastercard to Accelerate Cross-Border Account Payments
PaidBy has formed a strategic partnership with Mastercard to implement cross-border account-to-account (A2A) payments using open banking technology, simplifying the settlement process for global merchants and supporting multi-currency settlements.
What are the key facts?
- 1Partners: PaidBy, Mastercard
- 2Core technology: Open Banking, A2A payments
- 3Goal: Unified framework for cross-border payment settlements
What happened?
PaidBy and Mastercard have announced a collaboration aimed at extending open banking-driven A2A payments into the global cross-border e-commerce space. This partnership combines Mastercard's global connectivity with PaidBy's settlement infrastructure, allowing consumers to pay directly from their bank accounts and enabling merchants to receive payments in local currencies, thus simplifying reconciliation and settlement for cross-border transactions.
What does this mean for cross-border sellers?
Cross-border payment methods will become more diverse, helping to reduce reliance on traditional credit card channels and enhance fund circulation efficiency.