In order to enhance financial services for clients in the United Kingdom and the European Economic Area (EEA), the embedded finance and Banking-as-a-Service (BaaS) platform OpenPayd has announced a strategic partnership with the Web3 financial application Wirex, aiming to strengthen convenient, fast, and secure payment solutions.

Virtual IBAN Payment Alliance

Under the newly established partnership, OpenPayd will provide Wirex's customers with named virtual IBANs in over 30 countries in the UK and EEA region. These virtual IBANs will enable customers to access the UK's Faster Payments network and execute instant transactions within the Single Euro Payments Area (SEPA) for deposits and withdrawals denominated in euros.

OpenPayd's services will seamlessly integrate into Wirex's infrastructure, leveraging OpenPayd's unified, developer-friendly API. Wirex customers will be assigned unique named IBANs, allowing them to easily transfer funds between Wirex and traditional bank accounts in euros and pounds sterling. Transactions conducted through OpenPayd's SEPA Instant and Faster Payments networks will occur in real-time, ensuring round-the-clock availability and significantly enhancing the overall customer experience.

Pavel Matveev, CEO and Co-founder of Wirex, stated, "At Wirex, we are committed to bridging the gap between traditional and digital economies, so enabling our customers to easily make payments via SEPA Instant and Faster Payments is crucial. OpenPayd's technology stack is not only state-of-the-art and easy to integrate but also proven at scale, processing millions of transactions every month."

Enhanced Payment Options

By leveraging OpenPayd's expertise in embedded finance and BaaS solutions, Wirex aims to further streamline its payment ecosystem and consolidate its leadership position in the Web3 finance space.

The introduction of virtual IBANs marks a significant advancement for Wirex in providing multifunctional, user-centric payment options to its customers. With the support of OpenPayd's robust infrastructure and extensive network coverage, Wirex users can expect increased accessibility, efficiency, and security in cross-border and multi-currency financial transactions.

Iana Dimitrova, CEO of OpenPayd, stated, "Rapidly growing digital asset enterprises require reliable, scalable banking and payment partners to deliver a seamless user experience without delays or exorbitant fees. Wirex is a trusted, mature, and continuously evolving participant in the digital asset market. Our dependable platform, with a 99.99% uptime, will support Wirex in achieving its mission of making cryptocurrencies safer, more accessible, and ubiquitous for everyone."