Using flexible APIs enables businesses to harness the power of data they hold. CEO Christoph Tutsch explains how Onpex’s personalised solutions can completely transform the process of payments and banking. Briony Richter reports
Onpex is a leading provider of multi-currency IBAN solutions. It enables businesses to develop their own financial services through an API-focused software-as-a-service platform that creates cost-effective, seamless and compliant payment and banking solutions.
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At the heart of Onpex are simplicity, transparency and automation. Explaining the landscape and what Onpex can achieve, Tutsch says:
“The whole banking environment is pretty complex in the back end. There are a lot of information services like SWIFT message, fixed APIs etc. All this needs to be orchestrated properly. What we do is integrate everything into our platform and expose this with very simple APIs to our clients.
“In a core banking system, first everything starts with a normal bank system, and then we provide very simple, easy-to-integrate APIs for account management, account opening, account closing, transaction banking in SWIFT and SEPA environments. Furthermore, there are local and cross-border capabilities in multicurrency, and then there’s the added flexibility of changing currencies within the account or between accounts.
“What we do is connect to clearing environments,” Tutsch continues. “For example, we are connected to 25 currencies; by the end of this year, another 15 will come.”
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By GlobalDataWhen supporting banks, Onpex will automate their payments with its multicurrency IBAN accounts while also meeting the requirements to remain compliant with PSD2.
The organisation has also been innovating continually to create new solutions to enable convenient, fast and frictionless processing. The ever-changing technological environment is moving rapidly alongside an increasingly compliance-focused landscape.
In an Open Banking world, banks and financial institutions are turning to companies such as Onpex to provide the payment solutions that can thrive in the new financial ecosystem; automation is key to solving their inherent complexities.
Banking-as-a-service
In August 2018, Onpex moved swiftly into the Banking-as-a-Service space, launching its cloud-based service that enables business to build and manage their own financial services. Within the platform, various tools enable functions such as IBAN issuing, Single Euro Payments Area (SEPA) and cross-border payments, as well as multi-currency management.
The innovation was developed as Onpex acknowledged a gap in the market for product offerings to incumbent banks and payment service providers. Asked about their capabilities, and the clients that use Banking-as-a-Service, Tutsch replies:
“Our clients are mostly either e-money issuers, bank institutions or even banks, who use our software and services to either completely enable their transaction banking and management capabilities, or to improve their existing services.”
He continues: “For example, we just signed with a client with 1.8 million e-wallets out there, and we made the e-wallets bankable. We attached an IBAN to each e-wallet and suddenly it’s a multi-currency e-wallet, including an IBAN.
“When it comes to banks, core banking systems are very linear. Our system can build more accounts and structures for marketplaces. This means that banks that are connecting to our system can easily enhance their core banking environment with modern APIs and more advanced logic. Technology plus financial services is what we summarise as Banking-as-a-Service,” Tutsch explains.
Banking-as-a-Service is a great example of how Onpex provides transparency and simplicity to businesses across the financial sector through APIs.
The automation allows for a far more seamless integration into business processes, while thriving in a PSD2 environment becomes much simpler through the use of flexible APIs. If, for example, a business wants to open an account, close it, exchange currencies or transfer money across the world, the processes can all be fully automated with APIs.
On the horizon
Tutsch highlights that Onpex will be expanding its services and products to continue meeting the needs of businesses in a rapidly changing landscape.
For the first quarter of 2019, high on Onpex’s agenda is connecting to clearing environments for cryptocurrencies.
The Onpex platform not only provides banking and payments as a service, it also ensures that every movement and every development is happening in a regulatory compliant
space.
By providing open and API-centred services, Onpex is at the forefront of the Open Banking revolution.
