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ONPEX, a multi-currency IBAN solutions provider based in Germany, has launched its cloud-based Banking-as-a-Service to allow businesses to build, configure and manage their own financial services with tools such as IBAN issuing, Single Euro Payments Area (SEPA) and cross-border payments, as well as multi-currency management.
The platform positions itself in the gap between the current product offering of traditional banks and other payment service providers (PSPs) as traditional players often lack API-based IBAN accounts, as well as cash and payment-management capabilities.
ONPEX’s BaaS solution provides IBAN accounts with multi-currency capabilities, which is particularly appealing for multinational companies, and payment automation to help businesses improve their scalability. The platform supports financial institutions such as eMoney and payment institutions, but also non-regulated businesses such as marketplaces or corporates to simplify the management of their funds and payment transactions in an environment that has growing compliance demands.
Christoph Tutsch, Chief Executive Officer at ONPEX, said:
“The total value of global B2B cross-border transactions reached $136 trillion in 2017 and is forecasted to hit $218 trillion by 2022.[1] With this international growth in mind we created our BaaS to support businesses of all sectors and sizes to reach their full potential by sorting and automating their payment flows being aligned with the demands of globalization. Our solution helps businesses to overcome the challenges they face when trying to create or manage their own financial services. This new solution is yet another example of how ONPEX brings simplicity, automation, and expertise to the financial ecosystem while making it more inclusive and frictionless for digital organizations.”Based in Munich, Germany, ONPEX allows its customers to issue multi-currency IBAN accounts in its own or its client’s name and manage payment flows and foreign exchange in one centralized place. The company has its own institutional BIC, bank sort code, and operates its own correspondent banking network including FX-trading.
The platform manages end-to-end collecting, settlements, and reconciliation through its gateway while it allows businesses to collect payments from all relevant e-Commerce payment methods – card-based and alternative – with the simplicity of one contract and one API.
Its API-controlled platform helps customers build their own customized financial services using ONPEX’s configurable service technology including banking, SWIFT and SEPA transfers, foreign exchange, acquiring, collection, settlement, reconciliation, client management, onboarding, billing, and invoicing.
