OpenPayd gains direct access to the SEPA payment scheme

Wednesday 15 April 2020 12:20 CET | News

OpenPayd, an API-first banking-as-a-service provider, has enhanced its payments capabilities with direct access to the SEPA payment scheme (Single Euro Payments Area). 

The new integration will see OpenPayd’s business customers— predominantly online marketplaces, merchant acquirers and other high growth fintechs— benefit from fast payment processing across the 36 participating nations of the SEPA scheme, including all EU member states and EEA members.

Prior to obtaining direct access, OpenPayd integrated with SEPA via an agency bank partner. Now, OpenPayd can submit payments directly into the scheme on behalf of its customers, significantly reducing payment processing time. Its customers will also benefit from shorter onboarding time and real-time payment notifications.

Direct SEPA access is the latest addition to OpenPayd’s Banking-as-a-Service platform which also facilitates access to other payment schemes including BACS, CHAPS, Faster Payments and SWIFT. Due to the company’s sizeable number of electronic money licenses, OpenPayd can also issue Euro denominated IBANs for its business customers to help streamline various collection and payout use cases within the Eurozone.

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Keywords: OpenPayd, SEPA, payments , real-time payments
Categories: Banking & Fintech
Countries: Europe
This article is part of category

Banking & Fintech