Banking-as-a-Service provider OpenPayd has enhanced its payments capabilities with direct access to the SEPA (Single Euro Payments Area) payment scheme.
Through the integration, OpenPayd business customers will gain access to payment processing across the 36 participating nations of the scheme. These include all EU member states and EEA members.
Adam Bialy, OpenPayd CPO, said: “Friction with bank payment services is one of the biggest challenges for modern businesses. 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.”
Previously, OpenPayd integrated with SEPA via an agency bank partner. Now, the company can submit payments directly into the scheme on behalf of its customers, reducing payment processing time.
Bialy added: “Our customers feel the effects of the ever-changing nature of cross-border business every day, and for them, speed and cost are of the essence. If our customer can process a cross-border transaction faster than their competitors, they have a huge market advantage.
“By improving our SEPA functionality, we’re ensuring our customers keep that edge to remain competitive. If our customer can process a cross-border transaction faster than their competitors, they have a huge market advantage.”
Direct SEPA access is the latest edition to OpenPayd’s platform. The platform facilitates other schemes including BACS, CHAPS, Faster Payments and SWIFT.
Furthermore, OpenPayd can issue Euro denominated IBANs for its business customers to help streamline collection and payout use cases within the Eurozone.