ONPEX, a leading provider for multi-currency IBAN accounts and Fintech Power 50 member, has partnered with Ronghan International Limited – the UK-based and regulated division of the Chinese financial service provider OnerWay. This partnership is set to make cross-border marketplace settlements seamless for international eCommerce businesses.
OnerWay facilitates a payment collection platform which enables thousands of Chinese merchants to sell their products on local marketplaces around the world. The partnership with ONPEX now opens the European market for OnerWay’s clients to expand their business potential – a service which is becoming increasingly vital for international eCommerce.
The business collects pay-outs from local marketplaces, such as Amazon, eBay, Wish, and Cdiscount amongst others, on behalf of its clients. The Chinese financial service provider was searching for a regulated European partner that offers automated banking and reconciliation solutions. With ONPEX, OnerWay can now seamlessly receive, split, reconcile, and settle payments to its clients’ corresponding accounts in China. In addition, the new partnership with ONPEX supplies the Chinese payment service provider (PSP) with a solution that ensures efficient multi-currency management and reduces cross-border transfer costs.
Before the partnership, the Chinese payment service provider (PSP) had no efficient way of sending and tracking payments to and from the EU. Without individual IBANs attached to the corresponding receiving accounts, to identify each transaction, the business faced major challenges when managing currency exchange and cross-border transfers. Deploying ONPEX’ Banking-as-a-Service via flexible API technology, OnerWay is now able to assign unique IBANs to each customer and solve all these issues.
With ONPEX’ solution, OnerWay can now deliver efficient, automated marketplace settlements at a lower cost and reduced risk – guaranteeing seamless and secure payments in over 25 currencies. Further, ONPEX allows the PSP to operate in a PSD2 compliant environment, regulated by the Luxembourg CSSF in accordance with European law.
Speaking about the new alliance, Christoph Tutsch, CEO at ONPEX, explained: “With international eCommerce on the rise, particularly from Chinese merchants, it is key for OnerWay to partner with an organisation that can automate secure cross-border payments. And as a result, expand its customer-base while thriving in a more globalised market.”
“With our API-driven technology, we’re making global commerce easier and helping OnerWay to create a tailored solution which supports the complex and costly task of transferring funds to and from differing countries and currencies. Through automated processes, we expect to see significant growth from OnerWay and its merchant base.”
Jiangzi Ning (George), Director at Ronghan International Limited, continues: “We chose to partner with ONPEX as it was the only provider in the market to offer solutions which cater exactly to the needs of our merchants. With more and more of our customers looking to buy and sell on marketplaces across Europe, it was essential for our growth that we had a solution which put automation in marketplace settlements, cross-border payments, and foreign exchange capabilities at its core.”
“With ONPEX’ strong financial reputation and understanding of regulations within the EU, we have a partner who has a secure and compliant platform to support us as we grow. As a result, we are now able to provide regulated, automated client management solutions through ONPEX’ multi-level IBAN accounts which not only allows us to track payments but also make cross-border SWIFT and SEPA transfers at lower costs.”
To find out more about ONPEX’s multi-currency IBAN accounts, visit www.onpex.com.