OpenPayd, the API-led Banking-as-a-Service provider, has announced the launch of a new partnership with an open banking infrastructure provider, Token, to bring Open Banking to OpenPayd’s customers. The multi-phase collaboration is part of OpenPayd’s ambition to become the one-stop-shop for its corporate customers’ banking and payments needs.
Through the integration with Token’s API platform, OpenPayd’s customers will gain the ability to bring together business and corporate bank accounts from multiple institutions into a single dashboard, where they can manage their balances and seamlessly initiate payouts to beneficiaries. This new feature will cement OpenPayd’s position at the core of its customers’ banking and payments infrastructure.
OpenPayd Chief Product Officer Adam Bialy said: “Open Banking continues to be the most significant development in fintech. Our partnership with Token marks our commitment to furthering the potential of Open Banking in the B2B space by making its benefits available to corporate customers through a simple and elegant integration. We look forward to launching new enterprise tools and workflows that will make the most of the promise and potential of Open Banking and will maximise its value for our customers and their customers in turn. This is just the first phase of our partnership so stay tuned for more soon.”
In the second phase, OpenPayd will introduce its simple and secure Open Banking API, enabling its customers- crypto, financial institutions, remittance companies, lenders, and online marketplaces – to offer banking, payments and Open Banking services directly to their own customers.
End users will be able to initiate payments from any of their bank accounts and transact without ever leaving their familiar provider’s app or web interface whilst ensuring PSD2 compliance at all times. For example, OpenPayd’s crypto exchange clients will be able to offer seamless fiat wallet top-ups, embedding Open Banking payment flows within their apps and allowing users to transfer funds without having to open their online banking service.
OpenPayd is also one of the first providers to offer SEPA Instant functionality in addition to Faster Payments, giving clients and end-users the same instant and integrated experience for both European and UK payments. Instant payments through SEPA Instant and Faster Payments are especially important for Open Banking which requires real-time payment initiation to ensure a frictionless user experience and drive adoption.
“As open banking use-cases become mainstream, banking and payment platform providers realise they must offer open banking data aggregation and payment capabilities as part of their platform,” said Todd Clyde, CEO of Token. “Token aims to be the platform inside the platform. Specifically, to provide the simplest and fastest way for banking-as-a-service platforms, PSPs, and acquirers to launch open banking propositions which can be white-labeled from Token and delivered through their platforms. We are thrilled to be partnering with OpenPayd and to be playing a part in their overall API-led, Banking-as-a-Service strategy.”