How to use credit card processors for overseas transactions
Bank credit cards have come under fire in the past year for failing to process international payments in time, causing problems for some consumers.
Now, a new company is offering a way for banks to use their own payment processing systems to process overseas transactions.
PayPal announced today that it has entered into a $1 billion agreement with the American Bankers Association to provide banking services to foreign payments and international payments businesses.
PayPal said the partnership will allow it to offer customers a better user experience on its platform and to improve their payment processing capabilities.
“PayPal has always had the best-in-class technology to process and process transactions with the highest levels of customer satisfaction and safety,” said Josh Evers, PayPal’s chief executive officer, in a statement.
“This partnership with the ABA will enable us to further improve our ability to process payments for our customers and expand the breadth of our global payments offerings.
We look forward to continuing to grow our relationships with payment processors to deliver an even more seamless and convenient experience for our users.”
The ABA said it will provide PayPal with a “core team” of experienced payment processing professionals.
The payment processing service, PayPal Payments, has been in beta since 2013 and was launched in the United States in 2014.
The ABA’s executive director, Scott Greenberg, said the deal with PayPal “is an important step toward providing a more seamless experience for international customers as well as enhancing the PayPal Payments platform’s capabilities for cross-border payments.”
The new partnership with PayPal will allow the bank to offer PayPal customers “a better user-experience on its platforms,” according to the AHA.
“The AAB has a number of initiatives in place to strengthen our payment processing capability, and this partnership with our partner will provide our customers with enhanced options to conduct their transactions on our platform.”
PayPal says it will also continue to work with foreign banks to expand its payments processing capability and will also invest in new payment processing technologies that it plans to introduce in the coming years.
The company also said it would expand its mobile payment business by “developing a new mobile payment app and enhancing its mobile payments offerings in the Middle East and South Asia.”
The company said it was working with banks and other third parties to create an “app-enabled payments ecosystem” for banks and merchants in the region.