Crypto Platform Wirex Integrates SEPA Instant Payments

SCPA, Wirex, crypto, payments, euro, europe, payments

Crypto platform Wirex is integrating SEPA (Single Euro Payments Area) Instant and Faster Payments to make it easier for users in the U.K. and the European Economic Area (EEA) to transfer British pounds and euros between Wirex and their bank accounts.

Wirex partnered with digital payment infrastructure provider Modulr to facilitate deposits and withdrawals. The move to add SEPA aligns with Wirex’s mission to expand the accessibility of cryptocurrency to all, according to a press release emailed to PYMNTS on Thursday (Aug. 18).

The new top-up method is being offered to its 5 million customers in addition to the debit/credit card options already offered on the platform.

See also: Wirex Expands Credit Program to UK, Introduces New Crypto Collateral Options

“Offering additional choice and flexibility with the introduction of new top-up and withdrawal methods puts our Wirex users in charge of their money,” Wirex CEO and co-founder Pavel Matveev said in the release.

“The UK and EEA regions make up the majority of our customer base, and with SEPA and Faster Payments being widely used, we know that this change will have a huge impact on them,” Mateev added.

Users can buy, hold, exchange or sell multiple traditional and cryptocurrencies using the Wirex app or spend currencies using the Wirex Mastercard at over 80 million locations globally, according to the release.

Read more: EU Plans Instant Payment Regulation in 2022, US Eyes FedNow for 2023

SEPA will provide an on/off-ramp for UK and EEA Wirex users to move funds and every user activating a Euro wallet within the Wirex app can access a unique IBAN and BIC.

“Faster Payments allow UK users to instantly send and receive GBP to/from their Wirex and bank accounts. A top-up method rarely offered by competitors, users will get their own unique sort code and account number from Wirex, and can benefit from high transaction limits and zero fees,” per the release.

Wirex is also planning to work with Plaid for top-ups and withdrawals across the U.K., EEA and U.S.

Headquartered in London, with offices in Singapore, Kyiv, Dublin, Dallas, and Atlanta, Wirex was co-founded in 2014 by CEOs Pavel Matveev and Dmitry Lazarichev. The company’s core mission is to open up cryptocurrencies to all and make digital money more accessible.

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