Banking service provider OpenPayd has launched InstantFX, a foreign exchange product providing clients with real-time trading said to out an end to the need for batch processing.
The API-led Banking-as-a-Service provider said the new product would give customers the ability to offer automated mid-market spot rates in 18 currencies delivered either through a web front end or an API for full integration. Clients are able to hold funds in a currency wallet and pay out these currencies through a number of payment networks, including FPS, CHAPS, SEPA and SEPA INSTANT. In an update scheduled to roll out before the end of the year, InstantFX will also add real-time settlement, plus the ability to pay out USD via SWIFT, ACH, and Wire.
“Covid is killing cash and accelerating the rise of digital payments,” said Iana Dimitrova, CEO at OpenPayd. “This is creating opportunity for firms that can offer real-time, frictionless and intuitive payment experiences. Seamless foreign exchange is a big but complex part of that for which many firms still rely on batch processing.
“Not only is this a huge capital outlay, it does not provide the speed of settlement and competitive rates that these businesses need to grow in these volatile times. The launch of InstantFX ensures that our customers can trade easily and cost-effectively, and OpenPayd’s simple integration—designed by developers for developers—means they can go to market with speed.”
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