Business clients of the banking-as-a-service company will get access to payment processing throughout the 36 countries taking part in the program.
OpenPayd integrated with SEPA in the past through an agency bank partner. The firm can now send payments directly through the program for its clients, which cuts the time for payment processing. Direct access to SEPA is said to be the newest part of the company’s platform, which helps with other programs with the inclusion of SWIFT and faster payments, among others.
“Friction with bank payment services is one of the biggest challenges for modern businesses,” said OpenPayd Chief Product Officer Adam Bialy, per reports. “It’s often painful, expensive and slow to move money around. The ability to process intra-European payments quickly is vital to a number of B2B use cases and in the specific case of online marketplaces the merchants that transact on their platforms.”
The company can also issue IBANs denominated in euros for corporate clients to assist in making payout and use cases easier. Bialy also noted per reports, in part, “If our customer can process a cross-border transaction faster than their competitors, they have a huge market advantage.”
In separate news, Standard Chartered has rolled out a banking as a service solution named nexus that will let online shopping operations, digital platforms, ride-hailing firms and social media sites provide loans, savings accounts and credit cards under their own brands.
According to news in March, the banking group said its inaugural partner in the new venture is a “major” online shopping player in Indonesia, and it plans to “co-create and launch products powered by nexus in 2021, subject to regulatory approvals.” Indonesia reportedly has the highest online shopping adoption rate around the globe.