OpenPayd, a digital Banking-as-a-Service business, dedicated to improving and simplifying access to payments and banking has launched a new service called InstantFX that lets clients perform real-time trading with a variety of currencies, according to a press-release.
The new service gives OpenPayd 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. The currency pairs include: AED, AUD, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HUF, JPY, NOK, NZD, SAR, SEK, SGD, USD, ZAR.
According to OpenPayd, 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.
OpenPayd CEO Iana Dimitrova commented on the launch: “Covid is killing cash and accelerating the rise of digital payments. 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.”
The company enables businesses such as marketplaces, PSPs, fintechs and FX brokers looking to deploy digital banking capabilities to benefit from IBANs in multiple currencies, access local and international payment networks, FX conversion, and card processing capabilities.