PXP Financial Taps Mastercard and Payall on Cross-Border Payments

PXP Financial is now collaborating with Mastercard and Payall to facilitate cross-border payments.

This collaboration brings together Mastercard’s global technology, Payall’s payments infrastructure and PXP Financial’s acquiring and payment processing services, the companies said in a Friday (March 17) press release.

“By leveraging Payall’s proprietary compliance tech and Mastercard’s innovation moving funds globally, we are now able to offer our customers speedy, safe and simple access to international payments,” PXP Financial CEO Kamran Hedjri said in the release.

PYMNTS research has found that efforts to modernize and speed up the B2B cross-border payment experience have lagged behind similar efforts to improve the online payment experience for consumers, resulting in a cross-border payments process that is often complicated and filled with friction.

The cross-border payment experience is prohibitively complex for many businesses. Small and medium-sized businesses (SMBs) are particularly hard hit, with 27% ranking the complexity of making cross-border payments as one of their top obstacles, according to the “B2B Cross-Border Payments Tracker®,” a PYMNTS and American Express collaboration.

With the newly announced collaboration, PXP Financial’s customers can make cross-border payments and international money transfers, sending funds to partners, employees and suppliers, according to the press release.

The collaboration enables inclusive pay-out options to both banked and unbanked recipients, the release said.

“Whether sending money home to families or working with global suppliers, the need for fast, reliable and transparent payments has never been more crucial,” Rasika Raina, senior vice president of Mastercard Cross-Border Services, said in the release. “Through programs like this, we’re making cross-border payments safe, fast and easy for everyone.”

As the collaboration continues, PXP Financial will also work with Payall to add destinations and payment channels, including the ability to send to mobile wallets, cash pickup locations and paying direct to card, according to the release.

“With a focus on international funds transfer compliance, process automation and payment orchestration, we deliver turnkey technology and power new paradigms that eliminate the inefficiencies and address the complexities of cross-border payments,” Payall CEO Gary Palmer said in the release. “We’re thrilled to support PXP Financial to deliver better-than-FinTech service to its customers making international payments.”