Three imperatives to manage the cost of compliance
IT outsourcing and shared services trends
10 steps for an effective core banking system selection
Webinar | The era of eKYC in the GCC
Webinar | Banking Modernization to Prepare for a World of FinTech Ecosystems
Webinar | Shaky recovery times: Pursuing stability in debt collection through digital
Digitisation in Supply Chain Finance: Accelerating Sustainable Growth through ESG
Credit-as-a-Service: Connecting customers and lenders to drive value
Microservices Architecture: Transforming the monoliths
September 29, 2022
eToro, a social investment platform, announced a major partnership with Banking-as-a-Service infrastructure provider OpenPayd to power eToro Money accounts throughout Europe. The partnership offers it’s customers a simplified, near-instantaneous payments experience.
eToro Money connects with an existing its investment account so that users can manage their funds in one place, and easily transfer them to and from their investment account—including making instant withdrawals and deposits.
Teaming up with OpenPayd enables eToro to issue Euro virtual IBANs (International Bank Account Numbers), unique to each of its customers, and gives the investment platform access to SEPA Instant rails for the first time. The proposition is currently live in 12 countries and is being rolled out across Europe. As a result, it’s customers can now make deposits and withdrawals from their eToro Money accounts, quickly and securely.
OpenPayd’s API-based solution means that eToro can slash time spent on reconciliations, remove the possibility of human error and significantly speed up payment processing times. All of this is run across OpenPayd’s monitored and secure BaaS infrastructure.
“This partnership is an example of embedded finance in action; it’s a significant evolution in how we build innovative financial services,” said Kreeson Thathiah, Director of Payments at eToro. “Working with OpenPayd – who’s 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.”
“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,” said Iana Dimitrova, CEO of OpenPayd. “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”.
September 29, 2022
September 29, 2022
September 30, 2022
BaaS
Today
Today
Today
£1,500.00 / year
£1,500.00 / year
£1,500.00 / year
£1,500.00 / year
£1,500.00 / year
Stay up to date with the latest Financial Technology, trending topics and insights.
© IBS Intelligence and Cedar Management Consulting International, LLC