OpenPayd and Circle Settle Cross-Border Fiat Payments Near-Instantly

OpenPayd has integrated its universal financial infrastructure with Circle Payments Network (CPN), enabling businesses to make near-instant cross-border fiat payments, OpenPayd said in a Tuesday (Aug. 25) press release.

OpenPayd’s universal financial infrastructure enables businesses to use a single integration to access domestic payment rails, international banking networks and stablecoin infrastructure, according to the release.

CPN, which is operated by Circle Internet Group’s Circle Technology Services, connects financial institutions to support the orchestration of cross-border payments using regulated stablecoins and enables participants to coordinate settlement and payment flows across existing financial infrastructure, including local payment systems and banking rails, per the release.

Circle reported Aug. 5 that CPN reached an annualized transaction volume of $14.7 billion based on the final 30 days of the second quarter, up 76% sequentially.

With the new integration with OpenPayd, businesses can integrate CPN into their platform and use OpenPayd’s stablecoin infrastructure while continuing to send and receive fiat currencies, the release said.

OpenPayd Director of Business Development Michael Treacy said in the release that the combination of OpenPayd’s universal financial infrastructure and CPN gives businesses access to faster global payments today and builds the foundation for financial services of the future.

“Clients can now access the speed and efficiency of stablecoin infrastructure while continuing to make global payments in the fiat currencies they already use,” Treacy said. “When money becomes fully programmable and moves like software, it opens a tremendous opportunity to grow the digital economy.”

Irfan Ganchi, senior vice president of product management, payments at Circle, said in the release that the integration enables “near-instant fiat settlement across global corridors using stablecoin infrastructure behind the scenes.”

“By connecting to CPN, OpenPayd removes the complexity of managing multiple payment technologies, allowing businesses to transact in the fiat currencies they need while benefiting from the speed of stablecoin settlement.”

OpenPayd’s argument is that orchestration is the answer to the complexity of modern payment infrastructure, OpenPayd CEO Iana Dimitrova told PYMNTS CEO Karen Webster in an interview posted June 25.

“It’s not the job of businesses to think about the infrastructure payment and to think about regulation,” Dimitrova said. “They have to focus on what they do best, which is developing and selling their products and services.”