Wirex chooses OpenPayd to launch embedded accounts across UK and EEA

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May 14, 2024, 04:00 ET

LONDON, May 14, 2024 /PRNewswire/ -- Today, leading embedded finance and Banking-as-a-Service (BaaS) platform, OpenPayd announces its partnership with Wirex, a prominent Web3 money app, to provide named virtual IBANs to its customers across the UK and European Economic Area (EEA) strengthening Wirex's core mission to provide easy, fast and secure payment methods to its customers.

Wirex chooses OpenPayd to launch embedded accounts across UK and EEA

The partnership will see OpenPayd issue virtual IBANs to Wirex customers in 30+ countries across the UK and EEA. Customers will have access to the Faster Payments network in the UK and Single Euro Payments Area (SEPA) Instant payments for Euro-denominated deposits and withdrawals.

The service will be fully embedded into Wirex's infrastructure via OpenPayd's single, developer-friendly API. Wirex customers will receive a unique, named IBAN, enabling them to seamlessly transfer EUR and GBP between their Wirex and bank accounts. Payments across OpenPayd's SEPA Instant and Faster Payments rails take place in real-time, 24/7, 365 days of the year, leading to a significant improvement in customer experience.

"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."

"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. "Named IBANs offer our customers an improved user experience and an even more personalised service. They also enable our teams to completely automate back office account reconciliation. OpenPayd is the perfect partner to facilitate the instant, accessible and secure payments our customers need."

About OpenPayd

OpenPayd builds embedded finance and banking-as-a-service infrastructure that powers business growth. With OpenPayd's financial services infrastructure, innovative companies can build new products, streamline their operations and manage their payments on a global scale.

The OpenPayd platform delivers a full suite of banking and payments infrastructure: accounts, FX, international and domestic payments and Open Banking services - all via a single API. With a growing network of licences across the UK, Europe and North America, OpenPayd is providing the banking infrastructure digital businesses need to thrive.

For additional information on OpenPayd, please visit https://openpayd.com/.

About Wirex

Wirex is a prominent UK-based digital payments platform with over 6 million customers spread across 130 countries. It offers secure accounts, making it easy for users to store, purchase, and exchange multiple currencies seamlessly.

As a principal member of both Visa and Mastercard, Wirex goes beyond traditional services, embracing the evolving trends of Web3 to provide mainstream access to digital finance and wealth management.

Having processed transactions totalling $20 billion, Wirex aims to contribute to the adoption of a cashless society by facilitating straightforward transactions in various currencies worldwide. Wirex is simplifying digital payments, making it more accessible and convenient for people across the globe.

For additional information on Wirex, please visit https://wirexapp.com/

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SOURCE Wirex