OpenPayd, a leading embedded finance and Banking-as-a-Service (BaaS) platform, has announced a strategic partnership with Wirex, a popular Web3 money app, to enhance financial services for customers in the UK and European Economic Area (EEA). This collaboration aims to provide customers with easy, fast, and secure payment solutions.
As part of the partnership, OpenPayd will issue named virtual IBANs to Wirex customers in over 30 countries in the UK and EEA regions. These virtual IBANs will allow customers to access the Faster Payments network in the UK and conduct 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, thanks to OpenPayd’s developer-friendly API. Wirex customers will receive unique, named IBANs, enabling them to transfer EUR and GBP funds effortlessly between their Wirex and traditional bank accounts. Transactions conducted via OpenPayd’s SEPA Instant and Faster Payments networks will be processed in real-time, ensuring round-the-clock availability and enhancing the overall customer experience.
By leveraging OpenPayd’s expertise in embedded finance and BaaS solutions, Wirex aims to streamline its payment ecosystem and solidify its position as a leader in the Web3 financial landscape. The introduction of virtual IBANs represents a significant advancement in Wirex’s efforts to offer versatile and user-centric payment options to its customers.
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. This partnership underscores both companies’ commitment to providing innovative and reliable financial services to customers in the UK and EEA regions.
