Cryptocurrency platform SwissBorg has partnered with payments company OpenPayd to help the former embed a full suite of financial services into its user experience.
Established in 2017, SwissBorg markets the Wealth App, which allows users to securely exchange digital assets and invest with 18 fiat currencies, with the protection of MPC keyless technology.
OpenPayd is a global payments and a banking-as-a-service (BaaS) platform. The company is accessible through a single API that allows businesses to access a suite of services, including IBANs, e-money accounts, FX conversion, local and international payments, card processing and debit cards.
According to OpenPayd, its platform will enable SwissBorg to seamlessly embed a full suite of financial services into its user experience. This, OpenPayd claims, will help SwissBorg drive increased processing speeds, reduce operational costs and support further business growth.
Through the seamless integration, SwissBorg will be able to completely automate the process of receiving fiat deposits and initiating fiat withdrawals from and to their customers through SEPA, SEPA Instant and SWIFT. Through the SEPA Instant scheme, SwissBorg customers will be able to top up their cryptocurrency wallets in real-time.
Furthermore, as OpenPayd’s virtual IBANs are embedded directly into the back end of the SwissBorg platform, SwissBorg customers will not need to include a Unique Reference when concluding payments to SwissBorg from their bank account – reducing operational costs and speeding up payment processing times.
OpenPayd noted its platform will also help cut fraud by enabling SwissBorg to jump into the deposit flow via the API and automatically approve/reject any incoming deposits before funds are allocated to an individual customer.
Since SwissBorg launched with OpenPayd, the company’s monthly new user growth has increased by nearly 800% – according to OpenPayd.
SwissBorg CEO Cyrus Fazel said, “Crypto is proving itself a viable alternative to traditional financial services and is rapidly entering the mainstream. As crypto players begin to compete with traditional financial services, maintaining a keen focus on customer-centricity and exploring the full potential of embedded finance is imperative.
“Off-the-shelf BaaS products don’t work for digital asset businesses – we need specialist crypto knowledge, bespoke technology and enhanced compliance capabilities to lead in this market. OpenPayd is enabling us to innovate ahead of demand, embedding new financial services products into our offering, and transforming personal finance and wealth management for our customers.”
OpenPayd CEO Iana Dimitrova added, “Cryptocurrency’s potential as a store of wealth is fast being realised. A melting pot of factors ranging from the pandemic to technological advancements and regulatory developments has meant crypto is on a high-growth trajectory.
“SwissBorg is undoubtedly challenging the status quo. It’s growing fast and needs a BaaS partner built for the digital economy that understands crypto. We’re beyond excited to help SwissBorg realise its mission of revolutionising personal finance by making investments in digital assets easier, safer and quicker than ever.”
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