OpenPayd, the API-led Banking-as-a-Service supplier, has introduced the launch of a brand new partnership with an open banking infrastructure supplier, Token, to convey Open Banking to OpenPayd’s clients. The multi-phase collaboration is a part of OpenPayd’s ambition to turn out to be the one-stop-shop for its company clients’ banking and funds wants.
By the combination with Token’s API platform, OpenPayd’s clients will achieve the flexibility to convey collectively enterprise and company bank accounts from a number of establishments right into a single dashboard, the place they’ll handle their balances and seamlessly provoke payouts to beneficiaries. This new characteristic will cement OpenPayd’s place on the core of its clients’ banking and funds infrastructure.
OpenPayd Chief Product Officer Adam Bialy mentioned: “Open Banking continues to be the most significant development in fintech. Our partnership with Token marks our commitment to furthering the potential of Open Banking in the B2B space by making its benefits available to corporate customers through a simple and elegant integration. We look forward to launching new enterprise tools and workflows that will make the most of the promise and potential of Open Banking and will maximise its value for our customers and their customers in turn. This is just the first phase of our partnership so stay tuned for more soon.”
Within the second part, OpenPayd will introduce its easy and safe Open Banking API, enabling its customers- crypto, monetary establishments, remittance corporations, lenders, and on-line marketplaces – to supply banking, funds and Open Banking companies on to their very own clients.
Finish customers will be capable of provoke funds from any of their bank accounts and transact with out ever leaving their acquainted supplier’s app or internet interface while guaranteeing PSD2 compliance always. For instance, OpenPayd’s crypto exchange purchasers will be capable of supply seamless fiat pockets top-ups, embedding Open Banking fee flows inside their apps and permitting customers to switch funds with out having to open their on-line banking service.
OpenPayd can be one of many first suppliers to supply SEPA Immediate performance along with Quicker Funds, giving purchasers and end-users the identical prompt and built-in expertise for each European and UK funds. Immediate funds via SEPA Immediate and Quicker Funds are particularly necessary for Open Banking which requires real-time fee initiation to make sure a frictionless person expertise and drive adoption.
“As open banking use-cases become mainstream, banking and payment platform providers realise they must offer open banking data aggregation and payment capabilities as part of their platform,” mentioned Todd Clyde, CEO of Token. “Token aims to be the platform inside the platform. Specifically, to provide the simplest and fastest way for banking-as-a-service platforms, PSPs, and acquirers to launch open banking propositions which can be white-labeled from Token and delivered through their platforms. We are thrilled to be partnering with OpenPayd and to be playing a part in their overall API-led, Banking-as-a-Service strategy.”