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.

Wirex chooses OpenPayd to launch embedded accounts across UK and EEA https://t.co/BzaRFZqEuJ

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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 www.financemagnates.com.

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