PaySend, the payments firm, has signed a partnership agreement with Vietcombank Remittance Company (VCBR), the company that holds the majority of all inbound money transfers in Vietnam, reports Henry Vilar of Fintech Futures (Finovate’s sister publication).

Through the deal, the firms will allow money remittances directly to any bank account, Napas card, Visa or Mastercard issued in Vietnam.

VCBR CEO Trinh Hoai Nam said, “Our cooperation will allow any Vietnamese residents to receive money transfers from overseas directly to their bank accounts and Napas cards without a need to visit a branch.”

“There are over four million Vietnamese living outside of Vietnam supporting their friends and families back home,” Ronald Millar, CEO of PaySend, added. “(T)hey will benefit from PaySend’s latest technology and the ability to send money at a fixed low price without any hidden fees or charges.

The service is available to any registered customer via the company’s website or mobile app.

The company’s rapid growth in 2018, reaching 350,000 customers in Europe, has caused it to accelerate plans on developing a bank partner network, and it is now looking to build additional partnerships throughout Asia, Africa and Middle East regions.

PaySend demonstrated its PaySend Global Account at FinovateSpring last year. Accountholders can carry both fiat and crypto currencies, transfer value between currencies, send funds to other accounts or wallets, and make online and offline purchases. Both physical and virtual prepaid cards can be linked to the account to enable a debit card like in-person shopping experience.

Based in London, PaySend was founded in 2015. The company has raised $20 million in funding, and includes Digital Space Ventures and MARCorp Financial among its investors.

Moving money with international money transfer platform PaySend just got a lot more secure. German KYC and anti-fraud technology solutions provider 4Stop has integrated its KYC, compliance and risk management technology with the company’s platform.

“We have always been focused on solving and removing the complexities for businesses’ KYC, regulatory obligations and fraud prevention obstacles in a manner that truly performed on a global scale,” 4Stop CEO Ingo Ernst said. “We are thrilled to see our technology integrated with PaySend and to further support their KYC, compliance and anti-fraud requirements with a fail-safe accuracy, and in the most streamlined and efficient manner possible.”

4Stop leverages hundreds of global KYC data sources, as well as a multi-faceted rules engine, real-time monitoring, rich database management, and data science to provide maximum, real-time KYC coverage. The company’s platform also enables businesses to future-proof their technology by activating any required KYC for compliance as regulations are updated.

Headquartered in Malta and founded in 2015, PaySend demonstrated its international payments and money remittance platform at FinovateEurope 2016. The company leverages a global banking network – as well as partnerships with Visa, MasterCard, and UnionPay – to enable FIs to participate in a network that simplifies remittances, tokenizes card data in demand for social-based transfers, and decreases the cost of sending money.

Earlier this month, PaySend was shortlisted in the Best Consumer Payments category of the PayTech 2018 awards. In 2018 alone, the company has launched its service in the UAE, Canada, Mexico, and Israel – with more than 50 countries now able to receive PaySend transfers. More than 100,000 people currently use its service.