The partnership between the two entities aims to provide named virtual IBANs to Wirex customers across the UK and European Economic Area (EEA), aligning with Wirex's mission to offer secure payment methods to its customers.
Under this partnership, OpenPayd will issue virtual IBANs to Wirex customers in over 30 countries across the UK and EEA. These customers will gain 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 seamlessly integrated into Wirex's infrastructure through OpenPayd's single API. Wirex customers will receive unique, named IBANs, facilitating transfers of EUR and GBP between their Wirex and bank accounts. Transactions across OpenPayd's SEPA Instant and Faster Payments rails will occur in real time in a bid to improve customer experience.
In the official press release, representatives from OpenPayd talked about the importance of reliable and scalable banking and payment partners for high-growth digital assets businesses, describing Wirex as a trusted player in the digital assets market. They also highlighted OpenPayd's platform's reliability and its uptime.
Representatives from Wirex reiterated the company's commitment to bridging the traditional and digital economies, emphasising the importance of enabling customers to easily make and receive payments via SEPA Instant and Faster Payments. They commended OpenPayd's tech stack for its integration and proven scalability in processing millions of transactions monthly, and they highlighted named IBANs as offering an improved user experience and enabling automated back-office account reconciliation.
OpenPayd specialises in building Embedded Finance and Banking-as-a-Service infrastructure to facilitate business growth. Its platform offers a comprehensive suite of banking and payments infrastructure, including accounts, FX, international and domestic payments, and Open Banking services, accessible via a single API.
In February 2024 OpenPayd announced a partnership with TrueLayer to optimise its instant payment services for its clients in the region of the UK and Europe. Following this announcement, OpenPayd gained the ability to leverage TrueLayer’s payments network throughout the UK and Europe areas. The strategic deal supported secure and instant account-to-account (A2A) transactions for its global client base.
In essence, the collaboration enabled OpenPayd to accelerate its development strategy, as the firm focused on designing a payment platform to provide clients and customers with access to any payment rail and methods they need.
For more information about OpenPayd, please check out their detailed profile in our dedicated, industry-specific Company Database.
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