Banking-as-a-Service provider OpenPayd has enhanced its payments capabilities with direct access to the SEPA (Single Euro Payments Area) payment scheme.
OpenPayd’s business customers are predominantly online marketplaces, merchant acquirers and other high growth FinTech ventures. According to the announcement, the clients will benefit from fast and cost-effective payment processing across the 36 participating nations of the SEPA scheme, including all EU member states and EEA members.
What it means is that OpenPayd is no longer integrated with SEPA via an agency bank partner but that the enterprise can now submit payments directly into the scheme on behalf of its customers, significantly reducing payment processing time. Its customers will also benefit from shorter onboarding time and real-time payment notifications.
“Friction with bank payment services is one of the biggest challenges for modern businesses,” said Adam Bialy, chief product officer at OpenPayd. “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. By providing our customers with direct access to SEPA, in addition to our existing payments schemes connectivity, we’re helping our business customers meet ever rising demands of their customers and maintain a competitive advantage in today’s increasingly congested market.”
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