ONPEX, an international bank account number (IBAN) provider, has launched its cloud-based banking-as-a-service (BaaS) platform.
These services will include tools for IBAN issuing, single Euro payments area (SEPA), cross-border payments and multi-currency management. The capabilities of the offering will empower businesses to build, configure and manage their own financial services.
Its BaaS solution will help both financial institutions and non-regulated businesses such as marketplaces and corporates to ease management of funds and transactions. Its solution also aids the management of multiple currencies, which is beneficial to companies operating in a variety of countries.
Not only will clients access payments and banking APIs, it will gain cloud-based infrastructure that has bank level security and compliance services.
Additional solutions provided by ONPEX software include client and account management, IBAN issuing, multi-currency, SWIFT and SEPA transfers, foreign exchange, acquiring, card and APM collecting, settlements, reconciliation, onboarding, billing, and invoicing.
ONPEX CEO Christoph Tutsch said, ??we created our BaaS to support businesses of all sectors and sizes to reach their full potential by sorting and automating their payment flows being aligned with the demands of globalisation. Our solution helps businesses to overcome the challenges they face when trying to create or manage their own financial services.p>
With the open banking initiative well underway, a lot of banks and financial service providers have been taking full advantage. Last month, FinTech startup builder FinLeap partnered with open banking services platform Fabrick to launch a new financial management company in Italy.
Also during July, personal chatbot Plum teamed up with UK challenger banks Starling and Monzo to integrate its services.
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