PaidBy and Mastercard Partner to Accelerate Cross-Border Account-to-Account Payments
PaidBy and Mastercard have formed a strategic partnership to use open banking technology for cross-border account-to-account (A2A) payments, simplifying global merchant settlement and supporting multi-currency settlement.
What are the key facts?
- 1Partners: PaidBy and Mastercard
- 2Core technology: Open Banking and account-to-account (A2A) payments
- 3Goal: Establish a unified framework for cross-border payment settlement
What happened?
PaidBy and Mastercard announced a partnership to expand open-banking-powered A2A payments into global cross-border ecommerce. The partnership combines Mastercard’s global connectivity with PaidBy’s settlement infrastructure, allowing consumers to pay directly from bank accounts and merchants to receive settlements in local currencies, thereby simplifying reconciliation and settlement for cross-border transactions.
What does this mean for cross-border sellers?
Cross-border payment options will become more diversified, potentially reducing reliance on traditional card channels and improving cash-flow efficiency.