Social investment platform eToro and OpenPayd have forged a partnership to deliver embedded account infrastructure to eToro Money’s European customers.
Banking as a service infrastructure provider OpenPayd will help eToro issue Euro virtual IBANs (International Bank Account Numbers), unique to each of its customers, and gives eToro access to SEPA Instant rails for the first time.
The proposition, currently live in 12 countries, is being rolled out across Europe. As a result, eToro’s customers can now make deposits and withdrawals from their eToro Money accounts, quickly and securely.
Kreeson Thathiah, director of payments at eToro, said the partnership is an example of embedded finance in action and a significant evolution in how to build innovative financial services.
Thathiah says: “Working with OpenPayd – whose platform and team has accommodated all of 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.”
OpenPayd’s bespoke API-based solution means that eToro can reduce time spent on reconciliations, remove the possibility of human error and significantly speed up payment processing times.
Iana Dimitrova, CEO of OpenPayd, commented: “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.”