Xapo Bank, a licensed private bank headquartered in Gibraltar that offers a blend of traditional banking services as well as access to cryptocurrencies, has announced its integration with the single euro payments area (SEPA) network.
This integration enables Xapo Bank members to move funds in Euros within the SEPA network. SEPA, established in 2008 and encompassing 36 countries, facilitates quick and secure cashless EUR payments across the European Union (EU) and select non-EU members.
With Xapo Bank’s mobile application featuring the SEPA functionality, members can now send funds and settle invoices with individuals and businesses holding accounts in any of the SEPA participant countries, including EU nations, Norway, Liechtenstein, Iceland, Switzerland, Monaco and the UK.
Thanks to the SEPA integration, Xapo Bank members can also receive EUR funds in their accounts from financial institutions across the SEPA participant countries. These deposits are automatically converted to USD for crediting purposes.
Additionally, members can now send EUR funds from their Xapo Bank accounts to financial institutions within the SEPA network. Xapo Bank manages competitive exchange rates for both withdrawals and deposits.
Seamus Rocca, CEO of Xapo Bank, stressed the significance of the SEPA integration in addressing the challenges faced by individuals outside the EU who need to move EUR funds swiftly and cost-effectively across borders.
“With traditional payment rails, it can take people outside of the EU hours to move EUR in and out of their accounts, often requiring them to switch between banks and at a much higher cost too. This is an issue for people across emerging markets, digital nomads, and any person who is working internationally or moving money across multiple borders.”
The launch of the SEPA payment feature follows Xapo Bank’s recent integrations, including the Faster Payments System for round-the-clock GBP fund settlement and the Lightning Network collaboration with Lightspark for fast bitcoin payments on small transactions.