Voice of the Industry

How FinXP's scalable payment solutions support xMoney's growth

Thursday 16 March 2023 11:31 CET | Editor: Raluca Constantinescu | Voice of the industry

Jeffrey Romano, Head of Marketing at FinXP, shares insights on how the crypto payments processor xMoney is benefiting from FinXP’s scalable payment solutions.


With the upsurge of cryptocurrency offerings and payments, merchants are leveraging fintech platforms to help them manage and process payments in these new digital currencies. 

Ecommerce companies around the world are doing increasing amounts of business in crypto, yet fiat currencies still play a central part in their daily operations. Therefore, it is of utmost importance to have a seamless flow of funds between fiat and crypto. Unfortunately, that’s not always straightforward for every business. 

xMoney (formerly Utrust) partnered with FinXP for a quick and efficient means of transferring fiat money to merchants. They wanted to overcome the multiple roadblocks that slow and expensive payment transfers were causing, such as pause and delay in vital business processes, slow growth, and draining resources that could have been used more productively. 

Read on to learn how the crypto payments processor xMoney is benefiting from FinXP’s crypto-friendly payment services. 


Who is xMoney? 

xMoney helps buyers pay with crypto, and its payment widget and B2B solutions allow businesses to accept crypto payments. The crypto is immediately converted into cash – and can then be transferred to the merchants’ bank account. This means that merchants don’t need to hold crypto on their balance sheet. Furthermore, the transactions are immutable; only the merchant can issue a refund, so they never experience a chargeback. 

The challenges 

xMoney’s primary audience is ecommerce businesses. When completing high volumes of transactions, one of the challenges is keeping pricing low. 

xMoney strives to provide its customers with up to 90% lower fees than they would pay with traditional payment methods. This means there are fine margins to work with, and xMoney could not always find payment companies that accommodate its needs. 

Another major obstacle came from speed. xMoney needed to deliver an efficient service to its customers. While settlements are speeding up in payment processing, it is still difficult to find a provider that can guarantee same-day settlements. 

Moreover, crypto is a rapidly changing space to work in. Financial regulations for fiat are complex on their own, but adding crypto into the mix means xMoney needed a payments partner that had its finger on the pulse of the crypto industry and that would remain compliant in the face of changing regulations. 

Lastly, xMoney wanted to continue to provide the qualitative customer support for which it is known. Therefore, it needed to have a close relationship with the provider that would become its partner so that any issues that would appear for its users would be resolved quickly. 

xMoney partnered with FinXP for an efficient means of transferring fiat money to merchants


The solution 

The partnership with FinXP gave xMoney an effective and scalable solution to its challenges. 

To start with, FinXP allows xMoney to benefit from settlements for low prices that ensure the latter can continue to deliver on its promise of fees 90% lower than those of traditional payment methods. This has great value for xMoney’s customers, especially because settlements have a 100% success rate. 

Not only are settlements well priced, but they are also guaranteed to happen on the same day, which xMoney was not able to find elsewhere. This further helps improve customer relations, as merchants get their money fast, improving trust in the relationship and merchants' cash flow. 

Another aspect on which the partnership delivers is customer service. xMoney’s finance and operations teams work as one with the team at FinXP. This close relationship means that both parties can have an efficient collaboration, speeding up problem-solving whenever an issue occurs. 

Lastly, xMoney understands that FinXP is compliant to a hilt – and operates accordingly. At the same time, FinXP can understand the dynamics of a unique, emerging market such as crypto. It also understands how digital currency differs from traditional finance, and the company quickly adapts when needed. 

The FinXP and xMoney partnership represents a great success because the solution isn’t just fixing a problem with settlements for one merchant but it has scaled significantly. xMoney had previously found other providers that could see to some of its payment requirements for a while, but then discovered that those partners had issues scaling their service while maintaining a high level of service. 

The results 

Since the partnership was established, in 2019, there have been tremendous results in terms of smooth processes, ability to scale, and delivering on promises to customers. In addition, when we look at the numbers, xMoney can speak of a 490% growth of TPV (total payment value) jointly processed up until now (January 2023). 

xMoney has no intention of ending this partnership, and the company has commented that they are thrilled that FinXP is committed in the long term. 

About Jeffrey Romano 

Jeffrey Romano is the Head of Marketing at FinXP, European payments & banking solution provider. He has over 15 years of experience working predominantly in the fintech industry on diverse projects ranging from gamified investment products to closed loop payment solutions. A B2B marketing expert with a Master Degree in Creativity and Innovation, Jeffrey excels at using his varied experience across marketing, communications, and product management to effectively communicate product and company value. 

About FinXP 

FinXP is an award-winning European payment and banking fintech committed to empowering clients to easily make and receive payments. Founded in 2014, the company is led by an experienced team and offers multiple payment solutions including Euro IBAN accounts, card issuing, closed loop payment solutions, payment processing, SEPA Direct Debit services, as well as bespoke payment solutions. FinXP is a Malta-based EMI licensed by the Malta Financial Services Authority. It is registered with the European Payments Council, SWIFT, and it’s also a principal member of Mastercard.

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Keywords: cryptocurrency, crypto, partnership, online payments, merchants, fintech, ecommerce, payment methods, settlement, digital currency
Categories: Payments & Commerce
Companies: FinXP
Countries: World
This article is part of category

Payments & Commerce


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