OpenPayd, a Banking-as-a-service (BaaS) supplier has partnered with a community investing platform eToro, to power eToro Money accounts across Europe. The collaboration provides its clients with a simpler, near-instantaneous payment experience.
eToro Money integrates with an existing eToro investing account, allowing users to manage their cash in one place and conveniently transfer them to and from their investment account, including making instant withdrawals and deposits.
Kreeson Thathiah, Director of Payments at eToro, stated, “This partnership is an example of embedded finance in action; it’s a significant evolution in how we build innovative financial services. Working with OpenPayd – who’s platform and team has accommodated all our needs – has been a pleasure. With every customer receiving their own virtual IBAN and access to the real-time European payment rails, SEPA Instant, we can ensure that funds are moving when, how and to whom they’re supposed to.”
By collaborating with OpenPayd, eToro will be able to issue Euro virtual IBANs (International Bank Account Numbers) that are unique to each of its customers, as well as get access to SEPA Instant rails for the first time. The service is now available in 12 countries and is being expanded throughout Europe. As a result, clients may now swiftly and securely make deposits and withdrawals from their eToro Money accounts.
With OpenPayd’s API-based solution, eToro may save time spent on reconciliations, eliminate the potential of human error, and drastically accelerate payment processing times. All of this takes place on OpenPayd’s safe and controlled BaaS infrastructure.
Iana Dimitrova, CEO of OpenPayd, commented, “eToro is changing the game for the trading community across the world, which is why we’re thrilled to be powering its product throughout Europe. Our infrastructure was built for use cases just like eToro Money. We strongly believe that embedding financial services in this way powers business growth, enabling any company to build new products, streamline operations and manage payments globally. This is what the future of financial services looks like”.