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Cross-Border Banking: Wirex Teams Up with OpenPayd for Virtual IBAN

Finance Magnates

Cryptocoins News / Finance Magnates 39 Views

To enhance financial services for customers across the UK and European Economic Area (EEA), OpenPayd, an embedded finance and Banking-as-a-Service (BaaS) platform, has announced a strategic partnership with Wirex, a Web3 money app. This collaboration aims to fortify easy, fast, and secure payment solutions.

Forging Alliance for Virtual IBAN Payments

Under the newly forged partnership, OpenPayd will facilitate the issuance of named virtual IBANs to Wirex customers in over 30 countries spanning the UK and EEA regions. These virtual IBANs will grant customers access to the Faster Payments network in the UK and enable Single Euro Payments Area (SEPA) Instant transactions for Euro-denominated deposits and withdrawals.

The integration of OpenPayd's services into Wirex's infrastructure will be seamless, leveraging OpenPayd's single, developer-friendly API. Wirex customers will be allocated unique, named IBANs, empowering them to effortlessly transfer EUR and GBP funds between their Wirex and traditional bank accounts. Transactions conducted via OpenPayd's SEPA Instant and Faster Payments networks will occur in real-time, ensuring round-the-clock availability and significantly enhancing the overall customer experience.

“At Wirex, we strive to bridge the gap between the traditional and digital economies, so it's vital that our customers can easily make and receive payments via SEPA Instant and Faster Payments. OpenPayd’s tech stack is not only state of the art and easy to integrate, it’s also proven at scale - processing millions of transactions monthly,” said Pavel Matveev, CEO and Co-Founder of Wirex.

Enhanced Payment Options

By leveraging OpenPayd's expertise in embedded finance and BaaS solutions, Wirex aims to further streamline its payment ecosystem and reinforce its position as a frontrunner in the Web3 financial landscape.

The introduction of virtual IBANs represents a pivotal advancement in Wirex's quest to provide its customers with versatile, user-centric payment options. With the support of OpenPayd's robust infrastructure and extensive network reach, Wirex users can expect enhanced accessibility, efficiency, and security in their financial transactions across borders and currencies.

“High-growth digital assets businesses need reliable, scalable banking and payments partners to deliver a seamless user experience without incurring delays or prohibitive fees,” said Iana Dimitrova, CEO of OpenPayd. “Wirex is a trusted, established and growing player in the digital assets market. Our reliable platform, with 99.99% uptime, will support Wirex in its mission to make cryptocurrency more secure, accessible and available to everyone.”

This article was written by Tareq Sikder at
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