Providing named virtual IBANs
In brief:
The partnership between the two entities aims to provide named virtual IBANs to Wirex customers across the UK and European Economic Area (EEA), aligning with Wirex's mission to offer secure payment methods to its customers.
Under this partnership, OpenPayd will issue virtual IBANs to Wirex customers in over 30 countries across the UK and EEA. These customers will gain access to the Faster Payments network in the UK and Single Euro Payments Area (SEPA) Instant payments for Euro-denominated deposits and withdrawals.
The service will be seamlessly integrated into Wirex's infrastructure through OpenPayd's single API. Wirex customers will receive unique, named IBANs, facilitating transfers of EUR and GBP between their Wirex and bank accounts. Transactions across OpenPayd's SEPA Instant and Faster Payments rails will occur in real time in a bid to improve customer experience.
What does this mean?
Representatives from Wirex reiterated the company's commitment to bridging the traditional and digital economies, emphasising the importance of enabling customers to easily make and receive payments via SEPA Instant and Faster Payments. They commended OpenPayd's tech stack for its integration and proven scalability in processing millions of transactions monthly, and they highlighted named IBANs as offering an improved user experience and enabling automated back-office account reconciliation.
