Multi-currency IBAN account provider ONPEX is collaborating with Canada's Wirexend to provide multi-currency payment solutions for joint business customers.
In a press release sent to PYMNTS on Monday (March 4), ONPEX revealed it will provide Wirexend with its cross-border payments and Banking-as-a-Service technology so that Wirexend can offer its own business customers with global payment capabilities, enabling customers to access to SWIFT and SEPA money transfer services. Their partnership will help support Wirexend's growth after launching operations last year.
ONPEX enables the integration via API to support global payments and foreign exchange functionality for Wirexend and its customers, allowing businesses to make payments and convert funds in their accounts to different currencies. The companies noted that connecting IBANs to Wirexend accounts supports faster and easier reconciliation and security.
"Partnering with Wirexend has helped ONPEX expand the global reach of its growing platform," said Christoph Tutsch, CEO of ONPEX, in a statement. "It is the first step in our 2019 expansion plans, which will help businesses like Wirexend provide seamless and automated cross-border payments in the competitive financial services industry."
"We decided to partner with ONPEX due to its ability to offer our customers direct access to cross-border payments and to enter the European market," Wirexend CEO Stas Lobkowicz added in another statement. "Thanks to our partnership with ONPEX, we plan on expanding our client base ten times by the end of 2019."
Last year ONPEX launched another collaboration with SatchelPay, an initiative that sees SatchelPay integrate multi-currency global payments functionality from ONPEX technology across the SEPA zone.
Just last week, the company announced a "seven-digit investment" round from backers at FinLab and angel investors. While the company declined to disclose exactly how much it raised, Tutsch said in a statement at the time the company would use the funding to propel its "upcoming scaling phase."