ONPEX a leading provider of multi-currency IBAN solutions, has launched its cloud-based Banking-as-a-Service. The platform offers multiple tools such as IBAN issuing, Single Euro Payments Area (SEPA) and cross-border payments, as well as multi-currency management. Given the platform’s capabilities, businesses can build, configure and manage their own financial services.
ONPEX recognised a clear gap in the current product offering of traditional banks and other payment service providers (PSPs). These traditional players often lack of API-based IBAN accounts, as well as cash and payment-management capabilities – paramount features that are vital to the scalability and growth of businesses. ONPEX is empowering businesses with its BaaS solution, providing IBAN accounts with multi-currency capability.
The new BaaS platform’s micro-service architecture and cloud-based infrastructure, with its integrated APIs, also allows payment automation with notable benefits to help businesses improve their scalability.
ONPEX not only supports financial institutions such as eMoney and payment institutions, but also non-regulated businesses such as marketplaces or corporates to simplify the management of their funds and payment transactions in an environment that has growing compliance demands. Furthermore, ONPEX’s ability to manage multiple currencies makes it particularly appealing for multinational companies.
Talking about the new offering, Christoph Tutsch, CEO at ONPEX, said: “The total value of global B2B cross-border transactions reached $136 trillion in 2017 and is forecasted to hit $218 trillion by 2022*. With this international growth in mind we created our BaaS to support businesses of all sectors and sizes to reach their full potential by sorting and automating their payment flows being aligned with the demands of globalisation. Our solution helps businesses to overcome the challenges they face when trying to create or manage their own financial services.
“This new solution is yet another example of how ONPEX brings simplicity, automation and expertise to the financial ecosystem while making it more inclusive and frictionless for digital organisations.”
ONPEX’s platform clients benefit from UI and API payments and banking, as well as a cloud-based infrastructure with bank level security.
To support businesses with compliance, ONPEX supports businesses in navigating regulatory as well as technical compliance. Its software also supports organisations in performing operations such as client and account management, IBAN issuing, multi-currency, SWIFT and SEPA transfers, foreign exchange, acquiring, card and APM collecting, settlements, reconciliation, onboarding, billing, and invoicing. In turn, this supports even the smallest of businesses to scale and grow through flexible API-driven solutions.